Thursday 27th October 2016

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Gold rises to Record $1,500 per Ounce

BBC News reported April 20 that gold has reached an all-time high in excess of $1,500 an ounce, with silver managing a 31-year high of $44.34. Analysts believe that the rise is attributable to a number of factors including sovereign debt, a weak dollar and inflation.

Opinion is divided on whether gold will continue to rise or if the market will see a sell-off of the precious metal. Jonathan Barratt, of Commodity Broking Services, commented, “We often see a $20 rally after breaking a big number, then a pullback.” Because of increasing industrial demand and its relative affordability, the outlook for silver remains positive. Said UBS technical strategist Taso Anastasiou, “Silver is still in a clear bull trend that targets $50 next.”

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