- Personal Finance
Will gold go up again this year?
It is almost two years since I suggested that there may be a good dollar in gold. I must say that so far it has been doing a lot better than many expected, yet fell well below the expectations of the pundits who thought it may go out through the roof.
It looks as if the market will determine the default price level once a few more fundamentals are known about the world economy.
The condition of the world economy has seen some countries betting on gold as a way to stabilize their currency in a dangerous fiscal environment.
As much as I hope for peace and tranquility it has seldom been a friend to gold prices.
As I have said before, gold is the one metal that has more than just a capacity to induce buying for profit alone. Gold is more likely to rise at this time due to the uncertain value of currencies going forward as a means of avoiding major paper losses.
War, terrorism and financial discord all come in to play with the price of gold as fear motivates economists in many a large economy.
I am expecting the pattern of gold prices to continue to fluctuate then rise as it has lately.
I reckon the next high will see $1500 by the end of this year unless there are major advances in peace efforts throughout the world. I am still for buying, even after the strong performance displayed again last year, I believe it has a lot further to go.
Maybe we wont see the $5,000 an ounce that would bring it up to the inflated equivalent of it's price at the end of the seventies, but it may well keep rising at least until there is a real change in the world economic and peace outlooks.
Indian and Chinese punters will continue to buy gold as long as the rest of the worlds economies are in trouble.
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Will gold do as it did in the 70s again? That would put gold at over 3,400 an ounce! Seriously worth thought I would think.
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This is not an expert view on gold price, just one man's opinion, I do not own a crystal ball like some pundits claim to have! If you are a gold watcher, you would have seen very little real entertainment in...