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Spot Gold Prices Pop, Investors Eye $2,500

Spot gold prices are exhibiting greater strength Tuesday afternoon as gold advisors begin eyeing $2,500 and higher following the precious metal's $1,300 achievement.
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NEW YORK (TheStreet) -- Spot gold prices were exhibiting greater strength Tuesday afternoon as gold investors began eyeing $2,500 and higher gold prices following the precious metal's $1,300 achievement.

"Gold prices are now moving through $1,300 and it's the beginning of the road to $2,500 gold prices and beyond, James DiGeorgia, publisher of the 'Gold and Energy Advisor' and author of 'The Trader's Great Gold Rush' said in a note. DiGeorgia for one is eying $1,400 to $1,500 gold prices by the end of the year, $2,500 shortly after that and maybe even $5,000 in the near future.

DiGeorgia is among many gold investors who are concerned about an eventual collapse in the U.S. dollar and foresee a resulting flight to safety via gold and other precious metals. "Even as the dollar is sinking after decades of continuous inflation, even as foreign governments and local economists alike are recognizing that America is insolvent and broke, the printing presses are being cranked up," he said.

The precious metals complex was showing some sparkle Tuesday afternoon.

New York spot gold prices were popping by $13.70 or 1.1% at $1,308.30 an ounce.

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New York

spot silver prices

were firmer by 28 cents or 1.3% at $21.74 an ounce.

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New York spot platinum prices were rising by $4 or 0.3% at $1,631 an ounce, while its sister metal was advancing.

New York spot palladium prices were adding $9 or 1.6% at $559 an ounce.

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A handful of mining stocks and precious metals ETFs were trading in positive territory Tuesday afternoon. Mining stocks offer another form of exposure to precious metals.

Newmont Mining

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(NEM) - Get Newmont Corporation Report

was rising by 2.7% to $64.33, while

Hecla Mining

(HL) - Get Hecla Mining Company Report

was gaining 2.2% at $6.30.

Barrick Gold

(ABX)

was adding 2.1% at $46.73.

SPDR Gold Trust ETF

(GLD) - Get SPDR Gold Shares Report

was ticking 1% higher to $127.94 and

ETFS Physical Palladium Shares

(PALL) - Get Aberdeen Standard Physical Palladium Shares ETF Report

was trading at $56.11, up 2.2.%

-- Written by Andrea Tse in New York.

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