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MarketWatch reports: Gold futures broke above the psychologically key level of $1,000 an ounce Thursday, propelled by ongoing dollar weakness and bleak news from the financial sector.

"This is just the start of things, and if the government continues to give away money and torpedo the dollar, gold will do nothing but move higher," said Zachary Oxman, Wisdom Financial

Gold at $1,000 "will one day, and likely not too far off in the future, be looked at as a foreshadowing milestone," said Peter Spina, an analyst at GoldSeek.com. "The gravity of the unfolding situation is starting to sink in with investors and that leads many more of them to move capital into real money - into gold and silver.”

Reuters reports: U.S. gold futures surged as a record-low dollar and inflation fears due to crude oil rising to all-time highs prompted investors to enter the bullion market.

"It's psychological and I view this by no means as a significant barrier to gold. And I think the market is going to continue to work its way higher," said Bill O'Neill, managing partner of LOGIC Advisors. "I don't think the mentality relative to the credit crisis will be changing for a while. I can't predict the end of it, but we're not finished here, it's going to drive gold to $1,100 in my view."

Forbes reports: The precious metal hit its all-time high of $1000 per troy ounce last Thursday and many speculate that this price is far from the ceiling for the metal.

"I believe gold is going to go higher," said JPMorgan Chase analyst John Bridges. "[Now that we have gotten] above $1,000, we are going to get a whole lot of momentum driven investors who are going to drive the price higher."

Zdroj: CommodityOnline.com

17.03.2008

"In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value."   Alan Greenspan