A leading analyst claimed yesterday that the general consensus within the industry is that gold prices will climb steadily over the course of the coming 12 months. "Everyone is saying that it's a good year for gold," said VM Group's Matthew Turner, who believes that most market commentators are expecting a solid year for anyone with a gold investment.
The yellow metal is currently trading at around $860 per ounce after a topsy-turvy year wherein it not only hit record highs but also showed its resilience when other assets were floundering.
Leon Esterhuizen, an analyst with RBC Capital Markets, claimed that gold prices have risen in Q1 for seven out of the last ten years. The expert added that he believes the price will gradually increase to around $900 per ounce by the end of the first quarter in 2009, in comparison to Fairfax's recent prediction of $885 to $890 per ounce.