Press release -
Galloping Gold - Bullion Analyst Anticipates £1000 Per Oz
London, UK – May 07, 2010 - The price of Gold bullion rocketed to £813 per ounce at one point yesterday, hitting an all time new high in terms of sterling, as uncertainty regarding the recent European bailout of Greece and the shadowy potential of Great Britain's public finances – in their worst condition for decades - weighed heavily on the British pound.
Charles Montague an independent precious metals analyst commented : "Gold is entering unchartered territory as far as the British pound is concerned. I wouldn't be surprised to see gold trading between £900 - £1000 per ounce in the next few months, as private investors become more aware of an impending financial crisis and rush to safe haven investments."
Meanwhile, Max Keiser, of the Kaiser Report who correctly predicted the collapse of Iceland's economy in 2008, said : "I know we have been advising buying it since it was at £200 and $400 and that many on these boards have told you that it is crazy and that the value of gold is merely based on perception . . . but when placed against fiat currency in a time when faith in credit based currencies has obviously collapsed, I would rather have gold....."
With the price of gold also surging to record new highs in the Euro and the Swiss franc, renowned precious metals specialist and commodities trader Jim Sinclair's recent prediction of ".....a stratospheric takeoff in the price of gold....." seems exceptionally prescient.
Though a good day for gold, many stocks took a sound thrashing, the FTSE 100 was down on concerns from ratings agency Moodys that the Greek debt crisis could spread to the UK, threatening Britain's vulnerable banking sector. However, that drop was nothing compared to the sharp fall of the Dow Jones Industrial Average which was down a staggering 998.5 points at one point yesterday.
If concerns about Great Britain's dire public finances. huge deficit, and stock volatility continue to unnerve financial markets, many technical analysts will not be surprised to see gold soaring to further highs against the British pound later in 2010.
- Finance and currency issues
- financial crisis
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