Gold is Headed to a New All-Time High as Gold-Backed ETF’s Now Exceed 100 Million Ounces

from King World News

With the price of gold surging today, one of the greats in the business says gold is headed to a new all-time high as gold-backed ETF’s now exceed 100 million ounces.

Gold’s bullish outlook left unscathed by recent weakness

June 4 (King World News) – Ole Hansen, Head of Commodity Strategy at Saxo Bank: Gold’s return to $1700/oz, following another failed breakout attempt, has left some investors worried that gold’s future may not look that golden after all. Before digging into current developments let me clarify our view. We still see gold as a valuable diversifier amid a very uncertain economic and geopolitical outlook. With this in mind our forecast is still that gold will move higher and eventually within the next 12 to 24 months breach the record high from 2011 at $1920/oz.

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