Gold Soars To 12-Mo. High On Safe-Haven Demand As Markets Near Panic Mode

Gold hit a 12-month high of $1,247 an ounce on Thursday as a spooked world marketplace prompted safe-haven demand for the metal. Analysts are suggesting that on a near-term technical basis, the recent price action has been very impressive and significantly bullish. ‘Gold prices peaked at $1,900 per ounce in September 2011. It was the end of a spectacular, decade-long bull market, during which the precious metal’s value increased a phenomenal 645 percent,’ explains Frank Holmes, CEO of U.S. Global Investors. ‘Since then, gold has struggled to regain momentum as an ever-climbing stock market has drawn more and more affection from investors. But after posting three straight years of losses, it looks ready to shake off this trend,’ he explains in an interview with Kitco News. Holmes says that not only is the metal trading at 12-month highs, it’s also on course for its longest winning streak since the glory days of 2011. Holmes reminds viewers that just a short while ago, some gold market watchers were proclaiming the yellow metal had forever lost its safe-haven allure. As it appears to have turned out, those proclamations were just a part of the psychology of the marketplace, he explains. Gold prices have appreciated more than 18% since early January.