Monday, December 20, 2010 GOLD ALERT-
GOLD PRICE NEWS – The gold price surged $10.00 to $1,385 per ounce Monday morning, bouncing back after last week’s 1% decline. The price of gold began to move higher overnight as tensions escalated between North and South Korea. An uncertain geo-political outlook and strong physical demand have combined to drive the gold price back near $1,400 per ounce.
A 15 ton increase in exchange-traded fund inventories, led by strong flows into the SPDR Gold Trust (GLD), has helped prevent a deeper correction in the gold price. COMEX gold futures, per the February contract, are now unchanged in December. Gold’s sister precious metal, silver, is also stronger this morning – rising $0.07 to $29.22 per ounce. Silver prices have gained 4% in December and a huge 73.1% thus far in 2010.
Gold mining companies followed the gold price higher, led by the world’s largest gold producer, Barrick Gold (ABX), which moved higher by 1% to $52.10. While predictions on the future direction of the gold price are often espoused on a regular basis by analysts, it is rare for gold industry executives to proffer their internal outlooks. Investors had a rare opportunity to get high level executives’ views with the release of the annual PricewaterhouseCoopers (PwC) 2010 Global Gold Price Survey Report.
Read full story: http://www.goldalert.com/2010/12/gold-price-in-striking-distance-of-1400-2/