Gold prices are trading around the $1,730 an ounce level in choppy trading amid continued economic uncertainty emanating from the Euro zone. Gold has been trying to find a base in recent months following a summer surge that pushed prices near the $2,000 an ounce level.
While many so-called “gold bugs” maintain their stance that gold prices are headed higher in 2012 and beyond, the question remains from what base any further rally would begin.
Commodities investor Jim Rogers assessed the current gold price environment in a recent interview with CNBC:
“Gold is overdue for a correction. I own gold and I’m not selling my gold. Gold has been up 11 years in a row, that’s extremely unusual for any asset. 11 years in a row, without a single down year, so somewhere along the line, gold is going to have a correction. It’s been correcting for three months now, and it wouldn’t surprise me if went on for a while. It’s normal, it would be good for the gold market. Anything that goes up 11 years in a row has to worry people.”
Meanwhile, Goldman Sachs recently upped its six-month forecast to $1,830 an ounce. In a mid-November research note, Goldman predicted that a low-interest rate environment would continue to underpin investment demand for gold.
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