CPM Forecasts Central Bank Gold Sales to Decline, Unprecedented Gold Rush

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"Never before in history have so many investors, spread throughout a truly global array of geographic and demographic universe, spent so much money buying so much gold over such an extended period of time," CPM, precious metals and commoditites consultants, declared.

Precious metals and commodities consultants CPM said Thursday that the rush of new investors remains the single most important factor in determining gold prices.

In their 2007 Gold Yearbook released Thursday, CPM predicted that central bank gold sales will decrease this year. The New York based consultants also asserted that a gold rush of unprecedented proportions is on-going, and advised that gold ETFs have yet to face a real test.

CPM's research determined that the average annual price of gold increased 35.9% to $606.67, the second highest annual average price in history. The current bull market was 69 months old as of December 30, 2006. The next longest bull market in gold prices was 59 months from January 1970 through December 1974.

"Never before in history have so many investors, spread throughout a truly global array of geographic and demographic universe, spent so much money buying so much gold over such an extended period of time," CPM declared.

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