Submitted by Mark O’Byrne – GoldCore
The bullish outlook for gold prices was covered by Dow Jones Marketwatch yesterday.
“Gold prices may be ready to make a significant move higher as holdings of the precious metal in the SPDR Gold Trust exchange-traded fund climb to their highest level in more than two months.”
GoldCore believes that gold may have “bottomed in the summer,” and could climb to as high as $1,300 an ounce by the end of this year. Longer term, O’Byrne expects gold to “double in price and surpass its inflation-adjusted high of $2,500 per ounce in the next 3 to 5 years.”
The metal “remains undervalued when compared to assets such as stocks, bonds and property—all of which have surged in recent years,” he said.
The full article from Marketwatch can be read here – Gold may be on verge of ‘breakout’ higher as ETF holdings rise.
Today’s Gold Prices: USD 1136.90, EUR 1014.55 and GBP 749.19 per ounce.
Yesterday’s Gold Prices: USD 1114.20, EUR 998.66 and GBP 735.69 per ounce.
Gold finished marginally higher yesterday, extending gains to a second straight session and consolidating on Friday’s price gains. Gold bullion is trading near $1,140 in London today after climbing to a one-week high of $1,141.80 yesterday.
Silver was a further 2.9% higher yesterday to $15.71 an ounce building on the 5.2% surge on the Friday. It is 0.15% higher to $15.80 today.
Platinum and palladium are also higher – up 0.8% and 0.3% respectively.