Gold shares surge to record high 01.27.08 Search

Gold prices may hit $1,000 per ounce in 2008


Gold shares surge to record high as the dollar falls in value worldwide, battered by years of deficit spending.

Gold shares surge on record high, again Ounce of gold touches $915.90, up $5.70; analyst says gold has entered new investment-driven phase.

January 14 2008: 4:08 PM EST Adjusted for inflation, gold is still well below a record.

NEW YORK (AP) -- Shares of gold producers rose in Monday afternoon trading as the price of the precious metal set an all-time high for the third day in a row. An ounce of gold for February delivery on the New York Mercantile Exchange touched $915.90, its highest ever, before settling at $903.40, up $5.70 for the day.

When adjusted for inflation, however, gold is well below a record. An ounce of gold at $900 in 1980 would be worth about $2,300 today.

In a note to investors, John H Hill of Citi Investment Research became at least the third analyst to forecast gold prices may hit $1,000 per ounce in 2008. "We believe gold has entered a new investment-driven phase, in a much more hospitable (macroeconomic) setting," analyst John Hill said. He kept his gold price target of $750 in 2008, $800 in 2009 and $820 in 2010, but said the precious metal could "test" the $1,000 mark this year.


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