Gold Prices Climb on Global Economic Worries

Ad Feedback

The debt concerns in Europe have pushed the price of gold even higher.

The yellow metal moved closer to $1,800 an ounce on Wednesday.

Investors are still looking for a safe haven as Europe tries to work out its debt problems. They're also concerned about America's massive debt, which has made the dollar weaker.

One analyst from Wells Fargo worries that gold is in a bubble that could pop after fears about global debt subside.

Others say gold could face some short-term corrections, but it appears to still be headed for higher prices in the long run.

MF Global Senior Market Strategist Rich Ilczyszyn is one of the analysts who believes gold could reach $2,000 an ounce, unless the global economy stabilizes and there is a clearer picture about growth in the months ahead.

"It's perception and it's a fear-based trade and a very emotional trade if you will," he said of gold. "I think at some point cooler heads are going to prevail and you'll probably see traders go back into equities in some way."

Log in or create an account to post a comment.  

CBN IS HERE FOR YOU!

Are you seeking answers in life? Are you hurting? Are you facing a difficult situation?

Find peace with God, discover more about God or send us your prayer request.

Call The 700 Club Prayer Center at 1 (800) 823-6053, 24 hours a day.

A caring friend will be there to pray with you in your time of need.

CBNNews.com

CBNNews.com

CBN News is a national/international, nonprofit news organization that provides programming by cable, satellite, and the Internet, 24-hours a day. Follow us on Facebook, Twitter, and Google+.