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Gold Hits 28 Year High
November 05, 2007

Bull Market in Gold Runs On

The bull market for gold crashed through the $800 an ounce barrier to $807 at the time of this posting in the late afternoon Friday. This is the highest spot gold price has been in the last 28 years. Oil too is again rising and investor concerns over inflation and recession seem to be at the heart of this drive.

Reuters reported that gold futures buyers stepped in to support the run when weakness was sensed. Concerns over rising energy costs looming as the North American winter approaches and the dollar loosing ground against most every world currency, seems to be fueling investor demand for gold as a safe haven from the imminent possibility of rising consumer goods prices.

Relatively conservative analysts are now predicting $850 spot gold by years end and $900 an ounce spot gold prices in 2008.

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About the Author
Tom Michael has been Krause Publications primary market analyst on more than 80 world and United States coin catalogs produced over the last 20 years. He came to KP in 1987 with a bachelor of arts degree in history, a master of arts degree in economics and a history of coin collecting stretching back to the 1960s. He began collecting world coins as a child by asking friends and relatives to bring coins back from overseas trips, visiting flea markets and having his mother watch for foreign coins in her register at the local grocery store. Today he works with a dedicated base of over 200 contributors to provide accurate market values for the five-volume Standard Catalog of World Coins series, as well as many specialty catalogs, including Coins & Currency of the Middle East and the fifth edition of Unusual World Coins.

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