The chief strategist of CLSA, a brokerage owned by Credit Lyonnais, made a bold prediction heard in gold markets around the world. On Tuesday in Hong Kong Christopher Wood said gold prices could surpass $3,400 an ounce in the next three years. The analyst said that the precious metal would be a safe haven for investors seeking cover from volatility in financial markets.
Quadruple in three years may be optimistic, but to be sure, prices are on the rise. Since 2005, gold has recorded a 60% gain, to $721 where it was on mid-day trading on the New York Mercantile Exchange on Wednesday.
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