Gold to hit $3,000 per ounce in 2010

Gold Prices could rise as high as $3,000 per ounce before the current Bull Run reaches its end, it has been claimed.

That is according to Jeffrey Nichols, senior economic advisor at Rosland Capital LLC, who suggests that while Gold Prices could hit $1,500 per ounce in the next 12 months, they could reach twice that amount if the Bull Run continues beyond that point, according to Commodity Online.

He told the news provider: "I believe gold will reach a new historic high this year of at least $1,500 an ounce.

"And, looking further ahead, we should not be surprised to see gold at $2,000 – and possibly $3,000 an ounce – before the bull market eventually comes to an end."

Should the US dollar continue to struggle over the coming year or two as the country battles the effects of the recession, Gold Prices could well rise further, according to observations by analyst Walter de Wet, of Standard Bank, which is the largest bank in South Africa and has total assets of approximately $172 billion.

He told Axcess News: "Like base metals and energy, precious metals remain highly dependent on what is happening in other financial markets - especially US equities."