Gold prices may scale new high in early 2009
Financial experts predict the ongoing secular bull market for gold would sustain itself for at least three more years and the yellow metal would probably make a new high as one enters 2009.
According to Mr Joseph M Foster, Portfolio Manager, Van Eck International, New York, who manages AIG PB Equity Fund Gold and other gold funds, the gold market was currently going through a consolidation phase.
He is of the opinion that once this phase of consolidation runs its course, more investors will come back to gold and will see it move higher as we approach the year-end and probably make a new high as we move into 2009.
Experts feel stress in the credit markets, supply demand picture for gold, etc., are also very positive sign for the gold environment.
Source: Business Line dated 11.04.08