Gold has reached a new high crossing the formidable 1602 mark. It has been hovering around this figure on the back of European debt concerns reaching a record high of $1575.79 an ounce back in May as Portugal and Ireland were on the brink collapse with remarkable debt levels.
At the height of the crisis back in 2008 Gold weakened to the $900 range; Citi Bank analysts were speculating that gold could reach $2000 by the latter end of 2009. With gold hitting 1600 we’re not far off from Goldman Sachs viewpoint that the safe haven could reach $1690 by summer 2011.
No comments:
Post a Comment