Reuters Poll Says Average Gold Prices to be 30% Higher this Year and Silver to Track

Source:

"If there are more bank failures then gold could move way above $1,000 an ounce," said Matthew Turner, analyst at Virtual Metals. "If the credit-crunch gets worse, then gold could really perform. It's been investment demand that's driving the price since last August rather than jewellery demand."

Average gold prices will gain more than 30 percent this year and hold onto gains in 2009, as safe-haven buying fuelled by ongoing financial risks will boost investor interest, a Reuters poll showed yesterday.

A global poll of 40 analysts and traders conducted over the past month produced a median price for gold of $930.00 an ounce in 2008, more than a third higher than gold's average price of $696.95 in 2007...

"If there are more bank failures then gold could move way above $1,000 an ounce," said Matthew Turner, analyst at Virtual Metals. "If the credit-crunch gets worse, then gold could really perform. It's been investment demand that's driving the price since last August rather than jewellery demand."

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