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Commodities Briefing - Categorized | Bullion/Gold, Price Watch more

The case for $10,000-an-ounce gold

Posted on 01 July 2013

As gold continues its sell-off, a book by a Toronto bullion fund manager predicts better things lie ahead. It’s been a dreadful stretch for gold bugs. The past three months have seen a record quarterly drop in gold’s price. In the bigger picture, gold is more than a third below its peak of $1,900 (U.S.) an ounce, reached in 2011. Last week, the spot price tumbled anew, settling near $1,225.
Goldman Sachs now sees a price of $1,050 by the end of next year. Barrick Gold, one of the world’s biggest gold miners trimmed 100 head office jobs mostly in Toronto. And Australia’s Newcrest Mining wrote down the value of its assets by $5.5 billion………………………………….Full Article: Source


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