Blog » Gold Prices at a 5 month high! Will Gold climb above $1,700/ounce?

Gold Prices at a 5 month high! Will Gold climb above $1,700/ounce?

Is the end in sight for gold? Or will the price for gold just keep climbing in 2012?
The Wallstreet Journal reports – “Gold futures for December delivery (US:GCZ2) rose $9.60, or 0.6%, to $1,697.20 an ounce in electronic trade on the New York Mercantile Exchange.” We’re only a toonie and some loose change from seeing gold climb above $1,700 an ounce!

It seems that there are a lot of different events occurring or pending that may continue to stimulate gold to even greater heights. Some of the factors identified in the article include:

  1. Increased cash printing by the Fed, causing investors to safeguard against inflation by buying more gold.
  2. European Central Bank meeting
  3. U.S. non-farm payrolls report due Friday, Sept 7, 2012
  4. China’s manufacturing activity fell more than expected recently, causing speculators to think the Chinese government may prop up economic growth by investing in more gold.
  5. Ongoing strike conditions involving approximately 12,000 workers at the Gold Fields Ltd.’s (US:GFI) KDC mine in Johannesburg

All of this would seem to indicate that the precious metal could be on the rise yet again. If I had some gold that I wanted to sell, I’d probably wait to see how things progress in the next few days. How about you? Are speculators just attempting to make something out of nothing or will the price for gold just keep climbing? Share your opinion with Vancouver Gold below!

As reported by the Wallstreet Journal:
http://articles.marketwatch.com/2012-09-03/markets/33556749_1_gold-futures-gold-prices-payrolls-report