By the end of the first quarter of next year, gold futures will notch the threshold price of $2,000 per troy ounce, a chief marketing strategist predicted to Yahoo.
A fierce proponent of the yellowish metal all year long, Michael Purves of BGC Partners said gold is enjoying bullish trading and fundamental cases and he pointed directly at what will pull down the precious metal's value.
"What is the real enemy of gold? The real enemy of gold is high sustained real rates from a … currency like the U.S. dollar," Purves told the finance arm of the news source.
His admiration for gold is not unfounded. Having kicked off the year at roughly $1,400 per troy ounce, the precious metal presently is worth just short of $1,750 per troy ounce. Almost exactly three months ago, gold futures set record high prices of $1,923.70 per troy ounce.
In a bit more than three weeks of trading days, the precious metal stands a likelihood of achieving an 11th consecutive year of annual gains.
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