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Gold Price in Striking Distance of $1,400

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.

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