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Gold prices may fall before rising – Precious metals panel

Posted on 12 October 2012

Gold prices could be vulnerable to selling in the near-term, but the longer-term outlook is bullish for the yellow metal, said metal industry members. In an era of ultra-loose monetary policy, gold offers something tangible and is a hedge against future inflation, they said.
“The only direction gold is going is up. That doesn’t mean that it won’t have corrections,” said Peter Schiff, chief executive officer and chief global strategist at Euro Pacific Capital. Gold prices have struggled to take out the $1,800 an ounce level, reaching as high as $1,798.10 this month before retreating. On Thursday, December Comex gold prices settled at $1,770.60………………………………………..Full Article: Source

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