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Gold prices hit the $1,000 target for the first time on Thursday as fears about a possible recession increased and the U.S. dollar continued to weaken. The dollar hit yesterday new lows against the euro and sank to 13-year lows against the yen, while crude oil prices busted through the $110 barrier. Still, there have been a handful of notable names that have benefited from the news to trade up to new highs.

Gold has been strong lately, and gold stocks have been following gold's lead. It seems like gold is following its upside trend today as well, as the current surging oil futures made gold prices relatively cheaper for foreign investors who use other currencies.

However, some analysts believe this is far from being over and expect even higher values for the price of gold. Clément Gignac, National Bank Financial 's chief economist and chief strategist, believes that gold prices will reach $1,500 an ounce within the next 12 to 18 months. Nick Barisheff, portfolio manager of the Millennium Bullion Fund, shares the same belief and anticipates that gold could even touch the $2,000 to $3,000 mark in the "next two to three years."

Continue reading Stocks that benefit from higher gold prices

Stocks that benefit from higher gold prices originally appeared on BloggingStocks on Fri, 14 Mar 2008 10:10:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>aemAgnico Eagle MinesAgnicoEagleMinesdollargggldgoldGoldcorpoilStreettrack Gold TrustStreettrackGoldTrustFri, 14 Mar 2008 10:10:00 EST<![CDATA[Gold stocks set new highs as gold continues to climb]]>http://www.bloggingstocks.com/2008/01/04/gold-stocks-set-new-highs-as-gold-continues-to-climb/http://www.bloggingstocks.com/2008/01/04/gold-stocks-set-new-highs-as-gold-continues-to-climb/http://www.bloggingstocks.com/2008/01/04/gold-stocks-set-new-highs-as-gold-continues-to-climb/#commentsFiled under: , , , ,

As Michael Fowlkes discussed yesterday, gold prices have been rising strongly over the past few days as fears about a possible recession increased and the U.S. dollar continues to weaken. Gold for February delivery rose in the previous session $9.10 to end at $869.10 an ounce on the New York Mercantile Exchange. There have been a handful of notable names that have benefited from these news to trade up to new highs.

Gold has been strong lately, and gold stocks have been following gold's lead. Gold had a very strong day yesterday, with prices breaking through a new record for the second straight day. Josh Bridges, analyst at JP Morgan, anticipates the new year would be a strong one for gold as "it must be remembered that gold is typically a late-stage performer."

Continue reading Gold stocks set new highs as gold continues to climb

Gold stocks set new highs as gold continues to climb originally appeared on BloggingStocks on Fri, 04 Jan 2008 12:15:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>ABXAEMAgnico Eagle MinesAgnicoEagleMinesBarrick GoldBarrickGoldGGGLDgoldGoldcorphighinthenewsStreettrack Gold TrustStreettrackGoldTrustFri, 04 Jan 2008 12:15:00 EST