This year, gold set a new record price when it jumped into the $1500 territory and it hasn’t looked back ever since. And now it seems like 2011 might be the year for gold record setting trends. An online article published by Kitco News to Forbes, the world’s leading business publication, has predicted that by the close of 2011, the price of gold will return to the record books for the second time this year at $1600.
“Gold should trade to just over $1,600 an ounce by the end of 2011 and silver should be flirting with $50 an ounce…”
Silver, another precious metal and close runner-up to gold, is also predicted to continue its growth, reaching the $50 dollar mark. The Forbes article mentions the rise in demand for all precious metals including Silver and its significance effect on price.
“Philip Newman (Speaker at the International Precious Metals Institute’s Precious Metals Conference) said investment demand continues to be important in silver and that drove prices up, so the lack thereof now also contributes to the weakness. He said at the same time there is a much stronger underlying demand for silver, principally from the industrial sector, a fact that is sometimes forgotten.”
If Forbes prediction is correct, then gold will continue to grow and selling gold will continue to show large profit gains for public owners of gold and gold investments.