Nothing Like a Crisis to Polish Up the Image of Gold

Source:

...London-based precious metals consultancy GFMS joined the $US1000/oz crowd. "Predicting the top is never easy but we always thought the $US900 barrier could fall quite soon and then we have to start viewing $US1000 as a clear possibility for later this year," GFMS executive chairman Philip Klapwijk says...

Just ask the Icelanders whether they subscribe to the argument that gold is a passive investment and a barbarous relic. In two months the yellow metal held by the Central Bank of Iceland has grown in value by 25 per cent.

This year they'll be even happier in Reykjavik, as a consensus is emerging that the metal will bounce through $US1000 an ounce before 2008 is out.

Meanwhile, Britons, Swiss, Dutch and other Europeans should be pounding the doors of their central banks asking why hundreds of tonnes of gold were sold off when it reached a 20-year nadir about seven years ago. Spot bullion was at a low of $US257.95 on March 30, 2001...

On Thursday, London-based precious metals consultancy GFMS joined the $US1000/oz crowd. "Predicting the top is never easy but we always thought the $US900 barrier could fall quite soon and then we have to start viewing $US1000 as a clear possibility for later this year," GFMS executive chairman Philip Klapwijk says...

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