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UPDATE 2-Gold seen rising to record this year

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posted on Jan, 15 2009 @ 03:21 PM
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UPDATE 2-Gold seen rising to record this year


www.reuters.com

By Cameron French

TORONTO, Jan 15 (Reuters) - Gold prices this year should surge above 2008's record levels, rising as high as $1,080 an ounce as government fiscal stimulus efforts weaken the U.S. dollar and fuel inflation, a closely watched report said on Thursday.

Gold could average $915 an ounce in the first half of 2009, up from last year's average of $871.96, GFMS, a London-based consultancy, said in an update of its Gold Survey 2008 report. In comparison, gold traded at $815 an ounce on Thursday.

For the year, gold should trade in a range of $750 an ounce to $1,080 an ounce, which would put it above the record intraday high of $1,030.80 hit on March 17, 2008.

The metal fell sharply after hitting its peak last year, as the global economic slowdown and financial crisis dampened jewelry demand and prompted many investors to liquidate their gold holdings to cover other losses.

Such liquidations could continue, but demand may also rebound because of a weaker U.S. dollar and more buying by investors worried about the inflationary risks of the billions of dollars being pumped into the financial system by governments, particularly the United States.
(visit the link for the full news article)



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posted on Jan, 15 2009 @ 03:21 PM
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This is all coming to a head. How much more evidence do we need? This is going to destroy America in ways that Americans are not used to. Poverty in the US is going to reach a level that Americans have never dealt with before. If you are smart get out of banks, stocks and bonds and put your money where your mouth is, literally. Commodities is where you want to be. They are currently manipulating gold to make the dollar look stronger than it is. But this cannot last as America will see a foreign capital flight as we become less and less capable of paying returns on the rest of the worlds' investments.
PRECIOUS-Gold steady, safe haven status helps after grim data

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



[edit on 15-1-2009 by projectvxn]

[edit on 15-1-2009 by projectvxn]

[edit on 15-1-2009 by projectvxn]



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