Forbes Predicts end of the year Gold price - $1600

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.

Sources: http://blogs.forbes.com/kitconews/2011/06/14/gold-should-break-1600-silver-near-50-by-year-end-gfms-newman/

Gold dips as dollar steadies

Gold dropped a bit lower on Wednesday while the dollar steadied, lightly denting gold's universal appeal as a currency hedge. Gold fell to $972.40/973.40 an ounce from $975.90/977.90 an ounce late in New York. The increase in accumulating and buying of gold to be an alternative to the more unsteady and risky assets like stocks and the weak dollar has helped to raise gold to a four-month high of $987.75 on Tuesday. A recovery in the US currency early on Wednesday however, has slowed gold buying and is helping to keep a lid on fresh gains.

Among other precious metals, spot silver tracked gold higher to $18.84/18.89 an ounce from $18.86/18.93 late in New York. Platinum fell before pulling back to trade at $1,971.00/1,991.00 late in New York. The white metal has fallen by nearly five percent in the last month. Spot palladium fell to $439.00/447.00 an ounce from $440.00/448.00 late in New York.

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