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Gold Poised for Major Takeoff!
Gold futures marked their seventh winning session in a row Friday, closing 1% above the week-ago level, as at least one analyst touted the possibility of $500-an-ounce gold by the end of the year.
Gold futures prices may climb as much as 10% by the end of 2005 "if the economic conditions show further momentum, such as more employment gains are above 192,000 on average per month for the next two consecutive months," said John Person, president of National Futures Advisory Service.
That would put gold at the $500 level, he said.
On Friday, gold for December delivery closed at $453 an ounce on the New York Mercantile Exchange, up $2.30 for the session and up $4.50 for the week. The contract, which has been on the rise since Aug. 31, closed at its highest level since March 11.
Federal deficits are expanding, concerns over rising inflation exist, fears that the Fed may be forced to keep interest rates in a more accommodative environment due to the effects from Hurricane Katrina are simply the more recent catalysts for gold's recent advance.
And global demand for gold has increased on expectations that holiday-related jewelry sales will also boost buying.
Gold is "primed for new highs thanks to a weakening U.S. dollar, continuing strong physical demand and simply because relative to most other investments, it remains 'dirt' cheap," said Peter Grandich, editor of the Grandich Letter.
Stay tuned.
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