Gold News & Press Comments
2007 Gold Prices in Sterling - 33% Gain
Gold started 2007 at £314.710, and hit record high sterling prices 13 times, reaching £418.486 on 28th December, beating the previous peak of £371.066 on 21st January 1980.
33% Annual Gain
The increase in the gold bullion price was 32.9751% during the year, not bad for a safe "defensive" investment!
With one trading day to go in 2007, there could yet be another all time sterling high for gold, which will again fo unreported. We might still see a new all-time dollar high this year, as gold bullion is only 2% below its 1980 dollar peak.
Trading volumes around Christmas and New Year are usually light, so anything could happen on Monday, New Year's Eve.
We don't pretend to be analysts, but we do read much about gold and currencies. One of the best books we read recently was Wake Up, and the scenarios predicted therein are still rolling our day be day to universal surprise. Neither are we "gold bugs", as we try to gauge realistic futuure gold prices, but we feel that a 15% increase during 2008 is a distinct possibility if not probability. This would put gold at around £482 per ounce, or about $960 US by the end of 2008. A normal range of market fluctuations during the year could easily see £500 or $1,000 per ounce gold.
Highest Ever Gold Price in Pounds Sterling
Record High Gold Price in US Dollars
The previous all-time record high gold price in US dollars was reached on 21st January 1980, fixing at $850.00 on that day's p.m. fix.
This morning (12th May 2006), gold fixed at $725.75, a 25 year record, but still 15% below the highest recorded dollar price. Many now believe that it is only a matter of time before gold hits its all time high in US dollars also, perhaps on its way to $1,000+. Who knows? We certainly would not want to bet against it!
Highest Gold Price in Euros (EUR)
Record High in Beijing
The record price in Chinese Yuan was achieved on Tuesday 4th April 2006, according to the Beijing Daily newspaper, hitting 170 yuan per gram (21.25 dollars).
"Gold has never been sold at such a high price in Beijing," said Wang Jian, general manager of the Gongmei Mansion Gold Store, told the paper. "I doubt whether consumers will hesitate to buy gold ornaments now," he said.
Gold dealers in China's capital reacted cautiously in raising prices, fearing a drop in sales despite the fact that prices in southern China had surged to 178 yuan (22.25 dollars) per gram.
China is the world's third-biggest market for gold after India and the United States, according to the World Gold Council, an industry organization. Last year Chinese demand for gold rose 8 percent to more than 250 tons
Where does it go from here?
Gazing into our crystal ball, we would be surprised if it did not go on to break the all-time high in US dollars before too long.
Lowest Recent Gold Price
Does the drop after this price peak mean an end to the gold bull market, we believe not, more of a correction.
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