Gold May Hit $1,100 in 2010 - Canaccord

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"We still believe tenuous global financial/economic and geopolitical conditions support a bullish view on gold."

The price of gold and silver is set to hit new highs in 2010 due to unprecedented financial conditions around the world, Canaccord Adams says.

Wendell Zerb, analyst with Canaccord, is maintaining a possible peak gold price of $1,100 per ounce set in February, but has shifted the timing to 2010 from 2009 to coincide with expected broad currency devaluation and higher global inflation.

"We still believe tenuous global financial/economic and geopolitical conditions support a bullish view on gold," he said in a note to clients Tuesday.

Mr. Zerb also raised his peak price for silver to $18 per ounce.

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