How high can the price of gold go? Some estimates put future gold prices at a possible $5,000 an ounce and higher. Even though the current prices of gold which have been hovering around $1,500 an ounce, many market experts believe that the value and cost will be going higher. It appears that gold fever is catching on, with no end in sight.
Knowing what gold is can give a little insight as to why it is valued so highly.
Gold is a bright yellow colored metal that has been considered appealing and popular since recorded time began.
Through the ages, gold has been one of the most popular precious metals and in demand around the world. It is used for jewelry, coins, artwork and personal finance purposes.
Just owning it gives a sense of power, prestige, worth and value. This precious metal has been sought-after by many cultures for its symbolism and various qualities.
Price of Gold – How High Can it Go
In addition to its intrinsic investment value, it is also highly prized and in demand as a metal that is used in many different products and manufacturing processes, such as in dentistry, electrical products, electronic and scientific processes.
Prices continue to climb on these and many factors as this is a limited resource. Consumption and hoarding works to reduce the availability of gold and could keep pressure for higher prices on this precious metal.
Gold is also considered as a hedge against inflation, as through out history, gold has held its price and value even through difficult economic times. Worldwide demand is ever increasing and mining output is decreasing. As the metal becomes more and more scarce, the future price increases.
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Video: Prediction that Gold Price will Reach $5,000 an Ounce
This video features Rob McEwen, Chairman & CEO of US Gold, who predicts that the price of gold will reach $5,000. He talks about the importance of this precious metal as a monetary source and as an important investment to many investors.
• Gold mining declining. goldnews.bullionvault.com/gold_mine_production_072020092
• Is gold a good hedge: host.madison.com/ct/news/opinion/column/article_68f99b80-4258-5f44-a817-5cc64c6e1884.html
• Gold : en.wikipedia.org/wiki/Gold
Photo credit: Gold bar – Dcoetzee.