Gold Prices Climb on Global Economic Worries

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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."

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