Gold today is trading at just over $1,252 per ounce, and is closing in on its record high of $1,255.70 per ounce (NY close) set on June 28th. Gold has been rising for five straight weeks since it bottomed on July 28th at just over $1,161 per ounce. What's more is if you look at charts on the gold price for the last nine years you will find that it in eight out of those nine years gold has risen an average of 13.1% during the last 4-5 months of the year. Look for this trend to continue as fear mounts on another economic downturn.
John Embry, Chief Investment Strategist for Sprott Asset Management says that summer is typically weak for gold and that the rise in price this year will likely be much stronger than usual. In fact, they are betting that gold will go to between $1,500 and $1,800 in the next 18 months. He believes that this will be due to weakness in the Western World economies for years to come. In fact, he believes the chances for a recovery in the near-term are nil.
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Great Interview on CNBC with Egon Von Gruyerz, founder of goldswitzerland.com. In this interview he covers many reasons why gold is a good play for the future. He even calls for gold to hit $5,000 to $10,000 per ounce.
Interview with President and CEO, Rob McEwen, of Toronto based U.S. Gold
