FP Trading Desk : Gold could surpass US$1000 in "new cycle," Citigroup
by Jonathan Ratner
Date: September 21, 2007
With gold having broken the US$730 per ounce mark to reach a 28-year high, Citigroup analyst John Hill says the metal appears to be entering a new investment-driven phase and has re-asserted itself as a safe haven. He thinks gold will be one of the top beneficiaries of the "Re-flationary Rescue," which should bode well for hard assets and basic materials... Citigroup continues to be bullish on bullion and expects the multi-year bull market to continue with prices to average US$750 in 2008 and 2009.
Mr. Hill says he would not be surprised if gold were to break its all-time high of US$850, or even US$1000 or higher in a "new cycle of global credit creation and competitive currency devaluations."
The above information has been redacted from the article as it originally appeared on FinancialPost.com on September 21, 2007.
Back to Gold in the News
