Gold prices could reach $700/oz

By Purchasing Staff -- Purchasing, 8/29/2007 2:12:00 PM

Volatility will continue to plague gold prices for some time, says precious metal analyst Tom Pawlicki of MF Global in New York. He and Paul Walker, the CEO of GFMS Metals Consulting in London, both say gold prices could cross $700/oz by the end of December, as compared with $665 for the past two months. But while Walker believes “the groundwork is in place for a sustained rally,” Pawlicki sees the prices see-sawing back down in early 2008.

Investors often buy gold to insulate their portfolios from weakening returns in other assets. However, the gold bugs tell reporters at a gold conference in Mumbai that the noble metal had lost some of its appeal as a safe haven in the wake of the recent liquidity troubles in credit and equity markets.

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