gold tipped to hit record high in mid-2010

Good long term news for Rubianna


Gold tipped to hit record high in mid-2010
From: AFP May 19, 2010 10:54AM

GOLD'S upward trend, after hitting a record $US1248 ($1446) per ounce last week, will reach its historic peak in mid-2010, analysts said at the ninth International Gold Symposium.

"Gold prices will reach a peak in mid-2010 and hold steady after that. In 2011 we expect more investment'' in the sector, US investment bank JP Morgan analyst Michael Jensen said at the event in Lima.

Despite the optimism, Jensen urged caution from the more than 1,000 business and industry experts representing leading companies Newmont Mining, Barrick Gold and Gold Fields.

"The market is open to big changes that could impact the price in view of an oversupply,'' he said.

The precious metal struck its latest record late on Wednesday as investors flocked to the commodity, considered a safe investment in times of economic uncertainty.