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Spot Gold 9 Nov 2010

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Spot Gold 9 Nov 2010

The bullish trend for spot gold shows no sign of abating with the spot gold price surging higher once again yesterday to close at $1405.50 per ounce, having achieved an intra day high of $1410.40.  This bullish sentiment has spilled over in today’s gold trading once again, as the spot gold price has continued to climb to trade at time of writing at $1420.65, only $30 per ounce short of my end of year forecast of $1450 per ounce which I will now have to revise upwards!!

The upwards momentum has been given a further boost in the last few days by some loose talk of a possible return to some form of “gold standard” in an endeavour to bring some measure of control to the currency markets.  However, given that the original gold standard was largely responsible for the Great Depression this seems highly unlikely, but it is certainly helping to propel the precious metal higher and indeed in an article I posted last night there was a suggestion that gold could even achieve $10,000 per ounce when considered against previous benchmarks of bonds and equities.  You can read this article by following this link. Gold Standard

Gold surges above $1400 on Zoellick comments