Gold prices set an absolute record

Gold gone up to a maximum

In brief: A new era began for gold, precious metal is now becoming the most valuable and stable equivalent.

Gold prices on Tuesday, May 11 rose to new record levels because of doubts about the implementation of the stabilization plan in Europe, worth $ 1 trillion. As a result of the regular trading session on the New York Mercantile Exchange, NYMEX, the June futures for the supply of gold rose to $ 1,220.30 per troy ounce. The previous record was delivered on Dec. 3, 2009, when the price of gold rose to $ 1,217.40 an ounce. Most traders expect the gold this week will test the resistance level of $ 1,227 per ounce.

On the London Metal Exchange gold for immediate delivery increased in price to a maximum of five months. Meanwhile, the potential for price increases, analysts say, is still very significant. Thus, employees Credit Suisse Group believes that by the end of III quarter of the gold will cost about $ 1250-1350 per ounce. They estimate that by the end of the quarter the gold would cost $ 1100-1200 per ounce. Analysts JPMorgan Chase & Co. believe that the end of June the price of gold will rise to $ 1250 per ounce, and in the short term, investors should expect higher prices for raw materials. According to the forecasts Goldman Sachs, after 12 months the value of gold will rise to the level of $ 1,335 per ounce. The former Goldman Sachs forecast called for promotion to the mark of $ 1,320 per ounce.

Ukrainian Globalist
2010-05-11 20:12, Economics.

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