No matter what the analysts say about a fake boom, gold seems to be on the rise in the current global economic climate. The price of gold futures in the US rose to a record high for the second time in this week as many investors use it as an insurance against turbulent economy in the world of finance.
Gold futures reached $ 1,270 per ounce on Thursday as currency markets dipped and swayed all over the world. Doubts plague the investors as the economic recovery worldwide seems to be slowing down again.
As per Tom Winmill of the Midas Fund in New York gold is a tool of capital appreciation. People are just looking for an excuse to buy it. He predicts that the prices of gold will rise further to $1,400 this year and continue to $1,500 next year.
Lannie Cohen the president of Capitol Commodity Services in Indianapolis said that the investors are very concerned about all the money that central banks around the world are printing is out of control. Gold is the only way to preserve your wealth.