Spot Gold Prices Eye $1,500
NEW YORK (TheStreet) -- Spot gold prices were popping Thursday afternoon as gold advisors continued eying $1,500 gold.
"I expect before the year is over we'll see $1,500 or close to it," says Gold and Energy Advisor editor James DiGeorgia.
Spot gold prices, he believes, will climb to $1,700 and even spike at $2,000 in 2011 given the implementation of QE2.
As long as economic policies continue to favor the weaker dollar, Gregory Marshall, the CEO of precious metals wholesaler Global Asset Management, sees gold hitting $1,500 soon.
Nicholas Brooks, head of research and investment strategy for ETF Securities, tells
TheStreet's
Alix Steel that a correction in gold prices is possible, but would likely be temporary.
"So my sense is sure, you can always have a correction; it's normal to have corrections; but I think there are enough large investors waiting in the sidelines that any correction is relatively short-lived."
New York spot gold prices were popping by $4.40, or 0.3%, to $1,407.80 an ounce.
New York
were rising by 51 cents, or 1.9%, to $27.65.
New York spot platinum prices were advancing by $13, or 0.8%, to $1,749 an ounce, while its sister metal was moving higher
More on Commodities |
New York spot palladium prices were adding $11, or 1.6%, to $709 an ounce.
Mining stocks and precious metals ETFs were trading in mixed territory. Mining stocks offer another form of exposure to precious metals.
Freeport-McMoRan Copper & Gold
(FCX) - Get Report
was rising by 2.9% to $107.39 and
Pan American Silver
(PAAS) - Get Report
was jumping by 3.3% to $38.05.
North American Palladium
(PAL)
was gaining 2.4% to $5.53, while
Goldcorp
(GG)
was falling by 0.6% to $47.10.
ETFS Physical Palladium Shares
(PALL) - Get Report
was higher by 0.8% to $70.75 and
Market Vectors Junior Gold Miners ETF
(GDXJ) - Get Report
was up 0.3% to $40.68.
-- Written by Andrea Tse in New York.
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