Gold Out of the Box as Price Rise Accelerates

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So-called expert analysts, with big salaries supposedly justified by their skills in predicting market movements, are being confounded and the gold bugs will be chortling with glee at the analysts' discomfort.

A whole batch of positive news for gold sent the yellow metal soaring again with $850 in sight possibly today and well over $900 by the year end unless something external happens to halt the rise...

One of the key triggers in the gold price move could be a report by Bloomberg's newswire service today that China is considering moving some of its huge $1.43 trillion of foreign-exchange reserves into stronger currencies, and even the rumour of this occurring will likely put the US dollar into a further period of freefall, with the gold price benefiting accordingly in its role as an inverse dollar valuer...

So where are we going now. Talk of $1,000 gold this year, or even next, was seen as the extreme end of the prediction business only a few months ago, but now it looks as though it could really happen. So-called expert analysts, with big salaries supposedly justified by their skills in predicting market movements, are being confounded and the gold bugs will be chortling with glee at the analysts' discomfort.

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