Price of Gold Could Rise to $5000, says President of the EPC

Gold is the preferred choice of investment by people to secure their wealth when global and domestic crises threaten to hit finances. Gold prices are recovering despite the ongoing problems in the Mideast, Europe’s credit crisis and the American budget issues. Gold futures are currently trading below $1,700 an ounce, after reaching their peak at a little above $1,900 in June 2011. Goldman Sachs has warned of the increasing downside risks to gold, while decreasing its 12-month price prediction by 7.2% to $1,800 an ounce. Goldman Sachs was quoted saying that the price of gold is close to an … [Read more...]