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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