It seems since the beginning of the year the number most often referred to as Gold's year-end target price has been $1500 an ounce.
As Gold drifted in summer trading, the number also drifted into temporary obscurity. Today, the number resurfaced and the Gold rally appears to be picking up some supporters.
In a Bloomberg article today, we learn that, The most widely held option on gold futures traded in New York is for $1,500 an ounce by December, or 18 percent more than the record $1,266.50 reached June 21.
In a Bloomberg survey, 29 analysts collectively put gold at $1500 by next year with the most accurate forecaster saying the metal may reach $1550.
In a recent on-air statement, Kevin DeMeritt, President of Lear Capital, says he believes another financial crisis is ahead. Skyrocketing debt, a shriveling work force and the Fed's unusual uncertainty has many investors spooked and heading for gold as a safe haven investment.
That sentiment extends around the globe. Gold demand worldwide is still growing and gold's recent show of strength has many starting to believe gold has more guts than many of the talking heads have been giving it credit for.
Don't believe? Today, Gold touched $1250 an ounce, just a few dollars off the all-time high. At the end of last month, the Gold price touched $1160 an ounce. That's a $90 an ounce move at a time when many people had written off the gold rally as being over. With 4 months remaining in the year, a similar move in just 3 of them does the trick.
Interestingly enough, Gold's $90 move came in relatively small increments. One economic shock could produce that kind of move in just a day. So watch closely, history is likely in the making. Visit LearCapital.com to request a gold investor kit, for breaking news or live gold prices.