Tags: Gold | Rush | New | Highs | rally

Experts: Gold to Resume Rush to New Highs

By    |   Monday, 02 Aug 2010 12:50 PM

Gold, which has dropped about 8 percent from its recent record high, will ultimately soar to new peaks as investors again seek a safe haven, many experts say.

The precious metal peaked at almost $1,265 in June amid concern about exploding government debt burdens around the world and the tenuous nature of global economic recovery.

Investors were particularly worried about the euro crisis that spread from Greece’s financial woes. But now gold recently slipped back to $1,166.

"The rush from euros into safe-haven assets, namely the dollar and gold has, for now, abated," Jeffrey Nichols, managing director of American Precious Metals Advisors, wrote in a report obtained by The Wall Street Journal.

"None of this has, in any way, however, reduced our long-term bullish view of gold. In fact, the recent selloff — and any further short-term price decline that may occur in the next few days or weeks —simply makes gold that much more attractive to long-term investors."

Janet Briaud, CEO of Briaud Financial Advisors in Bryan, Texas, also is bullish on gold for the long term, though she doesn’t think the correction is over yet.

“We see gold possibly going to $3,000, and we wouldn’t be surprised if it goes as high as $5,000,” she told Newsmax.TV.

“It’s a safe haven investment, and this is what I call the winter of economic seasons. You want to protect self against storms, and gold is one of the protections.”

© 2017 Newsmax Finance. All rights reserved.

 
1Like our page
2Share
StreetTalk
Gold, which has dropped about 8 percent from its recent record high, will ultimately soar to new peaks as investors again seek a safe haven, many experts say. The precious metal peaked at almost $1,265 in June amid concern about exploding government debt burdens around the...
Gold,Rush,New,Highs,rally
238
2010-50-02
Monday, 02 Aug 2010 12:50 PM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved