31
July
Gold will hit $1,000 again
31 July 2009 The Telegraph
Gold will revisit $1,000 as investment demand and jewellery purchases rebound and supply decreases annually, a senior World Gold Council official said.
On the supply side, gold mining production has been decreasing at a rate about 4 to 5pc per year after reaching a peak production in 2001, Jason Toussaint, managing director of exchange traded gold, said today. "Even if demand stays the same, prices must go up."
Gold, traditionally a popular hedge against financial turmoil due to its store of value, has risen 5.7pc this year and briefly traded above $1,000 in February. It reached a record $1,032.70 on March 17, 2008.
