Gold prices set for $1,000 per ounce in 2008: Industry group

Gold prices set for $1,000 per ounce in 2008: Industry group

www.breitbart.com

Gold prices could hit 1,000 dollars an ounce in 2008 after this week's record-breaking run that was fuelled by fierce investment demand, precious metals consultancy GFMS said Thursday.
"Investor appetite for gold at the moment seems undimmed and this should push gold higher over the year," GFMS chairman Philip Klapwijk said as the independent research group published its annual Gold Survey.

"Predicting the top is never easy but we always thought the 900-dollar barrier could easily fall quite soon and then we have to start viewing 1,000 dollars as a clear possibility for later this year."

Gold prices jumped to a record high 914.30 dollars earlier this week on the back of factors that included the struggling dollar and geopolitical concerns in Iran and Pakistan.

(visit the link for the full news article)



[edit on 17-1-2008 by DimensionalDetective]

I wonder if gold is going to be the next world currency? Since the dollar is going into near non-existency, is future monetary wealth going to be decided in OUNCES, instead of paper? Or will some other country's monetary system take over?

Pretty crazy to see gold potentially hitting 1k per ounce!

www.breitbart.com
(visit the link for the full news article)

Short gold in '08, Goldman says....

“We see scope for acceleration through $770 to re-test the $600-650 levels prevailing ahead of the summer,” the team said.


That was the end of November. Predictably, the market reacted and sold-down on this recommendation, allowing GS to buy a minimum of 5.5 metric tons at a discount on the December contract...while continuing to unwind their own short-of-Gold positions

On Wednesday...the reversal...with no mention of the previous short call:


Goldman Sachs Raises Gold Forecasts for 2008 Through 2010

"Gold will average $870 next year and $940 in 2010, from earlier forecasts of $852 and $907, the bank said."


I have to ask..could the manipulations & deceptions be any more shameless and blatant? Just a week ago, our own commander-in chief publicly reassured us that our economy is solid.

Even though hard questions of accountability were absent, Ben looked pasty, peaked, and shifty-eyed yesterday. Naturally the congressional panel refrained from looking under any rocks...they might find themselves staring back.

Major support is around $850...but so far, buyers continue to overwhelm near $876 fib support. Barring a major geopolitical event, Gold's next short-term move (up/down) is contingent on the Fed/Dollar & the equities markets. If US stocks get hit today...Gold could get pummelled into the downdraft. On the other hand, if the Fed is forced to come-up with a stick-save between now and the scheduled FOMC meeting...the $887.50 magnet will be back in play. In any event, Gold is busy working-off a slightly over-bought condition at the current range.




[edit on 18-1-2008 by OBE1]

i think i'm fortunate to have bought gold funds back in Oct '00
when gold was $250. oz.


I am sorta figuring that gold will be in this $850-950 trading range for the next several years....

the manipulators & investment players will continually throw out the
$1000-1500 oz. speculation price because that's how they create
those 'bubbles'.


Goldman-sacs was one of the adepts with the building boom & finance
& creit crunch bubbles ...and they are doing their antics now with gold,
exaggerating the value anticipated & selling ther positions as the gold market soars & shorting gold all the way down to that $850. base..

over & over & over again...i'd guess than can have a subdepartment
delegated this project & make a couple of million each & every day....


all this data that 1st class gold producers are running out of gold
lodes & production pits is a clever way for speculation $$ to go with
those junior mining operations...so as to expand the breadth & depth of this gold bubble for the next 4-6 years.


I intend to keep my modest position
but sell 10% when gold tops $1500. & reinvest when it falls back to its base support