Gold was the big investment success story of 2009. But those claiming that the gold bubble will burst soon are wrong, say some experts. “There is a gold bubble but it is a long-term bubble,” says Robert Wiedemer, president and chief executive of risk assessment firm the Foresight Group and co-author of Aftershock.
Gold closed 2009 at $1,097 an ounce – up 23.95% on the year, and up 149.32% over five years. In November, gold hit an historic high of $1,227 but some analysts are saying that in 2010 it might go as high as $1,500 or higher.
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Gold surges in 2009 |
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Price of gold in $ per ounce |
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Source: The Gold Council |
“Fear drives gold upwards and next year fear might well grow,” Wiedemer says.
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