Latest gold price news from Citi: Gold at $2,500 in early 2013
(September 11, 2012) - Investors are always trying to stay up-to-date on gold price news, and the latest word from Citi has a lot of investors very excited about the future. According to a recent report article by reporter Matthew Boesler at Business Insider, Citi's well regarded analyst Tom Fitzpatrick has given those buying gold a great deal to be happy about. Not only is he bullish about the future of investing in precious metals, especially the yellow metal, he has told the press that his calculations have it hitting $2,500 per ounce by the end of the first quarter in the coming year. With gold now hovering around $1,700 an ounce, this would be a skyrocket of value, meaning those who hold gold in their portfolios would see a profit of $500 per ounce if they were to buy at today's prices. This latest gold price news from Fitzpatrick goes further than most analysts have been going in recent weeks, pointing out that the rally he is forecasting will involve a move even more significant than what was seen in 2007. For those investors buying gold in today's bull market, the run that Fitzpatrick is pointing out would be quite a charge up the charts, on par with the kind of spikes in value that investors witnessed towards the end of the 1970's. Many of those investing in precious metals today will remember that Russia's invasion of Afghanistan during that time led to a sharp increase in the value of gold, and if conditions emulate that time period, the peak price could be even higher. "As a consequence, we look to the bull trend replicating the percentage move (low to high) seen up to Dec 21, 1979 (before the invasion) which would suggest an ultimate peak closer to $3,400-3,500," Fitzpatrick told the media. Predictions of trends like this are usually based on close comparisons of significant points in precious metals market history. By doing these comparisons, analysts can often make sound forecasts as to how the markets will respond to various macroeconomic changes, as well as internal market conditions. Naysayers may believe that gold is in a bubble, but Fitzpatrick went out of his way to clarify that he strongly disagrees simply because the gold market does not perform the same way as stocks or other commodities like oil. Gold, from Fitzpatrick's point of view, is a safer choice because its value is not limited by so many of the factors that negatively impact the value of other commodity choices an investor could make. Fitzpatrick is certainly not alone. Plenty of other important financial world figures have spoken out that the value of gold is set to increase. This means great things for those who choose to make today matter by diversifying their investments to include gold, silver, and other precious metals.
Did you like this post?