Gold prices continue to reach records as investors purchase the precious metal as an alternative to a slumping dollar.
Investment pros continue to recommend gold as "the ultimate currency". Industry analysts also point to a combination of financial stress, a weaker dollar, and a desire for diversification as key drivers behind recent investor demand.
"Gold is in a secular bull market and all the fundamentals show that prices will keep moving higher." said Joe Foster who manages an $8 billion fund in New York. Foster further predicts that "Gold will reach $1,300 in the next six months." This would represent a nearly 20% increase from today's prices.
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* Goldline recommends that
precious metals and rare coins be held for a minimum of 3-5 years.
The Wall Street Journal (WSJ) reported that gold and stocks are the winners as the U.S begins to recover from what is being termed by some as "The Great Recession". The WSJ noted that in recent months, gold has been pushed to new highs as investors who once considered precious metals "archaic" have shifted to gold to minimize their exposure to Western currencies. In the article, a fund manager for Greenlight Capital stated, "I decide holding gold is better than holding cash." (10/26/2009, Wall Street Journal, "Odd Couple: Stocks, Gold Share Same Ride Higher").
Gold has outperformed several investments from different asset classes according to a research
report from Bank of America - Merrill Lynch. The July 14, 2009 research report indicated that
gold bullion outperformed the S&P 500, 3-Month Treasury bills, long-term treasury bonds, and
high-grade corporate bond on a two and ten year basis.* (7/14/09, Bank of America-Merrill Lynch
Research, "The RIC Report")
