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Gold tipped for sharp rise

December 1, 2008 by  

Gold is widely seen as a safe haven for concerned investorsThe price of gold could rise as high as $2,000 per ounce in 2009.

That’s according to Citigroup, which last week said continued uncertainty on the international markets may bump up the price of the precious metal to more than double its current value.

Tom Fitzpatrick, the bank’s chief technical strategist, said world markets would not return to normal following the magnitude of the actions taken to tackle the financial crisis, the UK’s Telegraph reported.

"When the dust settles this will either work, and the money [central banks] have pushed into the system will feed [through] into an inflation shock."

"Or it will not work because too much damage has already been done, and we will see continued financial deterioration, causing further economic deterioration, with the risk of a feedback loop," he was quoted by the newspaper as saying.

Almost two thirds of the 35 experts surveyed by Bloomberg last week believed gold – widely viewed as a safe investment in times of economic turmoil – to be a good buy, according to the news provider.

Despite such predictions, gold had fallen 5.5 percent to $774 per ounce at midday EST in Monday trading.
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