Analysts at Eco Exploration today released a report forecasting that investors will once again be looking to buy up gold as a reaction to economic uncertainty, pushing the gold spot price above $2000 /oz.
Oct. 2, 2012 - Since gold prices hit record highs of $1920 /oz. in September 2011, the market has seen a great deal of volatility. Market analysts at Eco Exploration (Santiago, Chile) this morning released projections the gold spot price may reach levels above $2000 /oz. during the first quarter of 2013, if not by the end of the fourth quarter of 2012.
This forecast will come as no surprise to avid gold traders, as the likes of Reuters, GFMS and other market analysts have for some time expected record numbers of investors to buy gold as a safe haven, minimizing exposure to market volatility through the uncertainty of 2012.
With the current spot price at $1777 /oz., this projection while somewhat optimistic, lies well within the realm of possibility, and bode extremely well for Eco Exploration during the company's period of expansion in Chile and Peru over the coming years.
As interest rates are largely unexpected to change in 2013 in the USA, and economic uncertainty remains within the property and stock markets; gold is expected to retain its appeal within the investment community.
Eco Exploration C.E.O Andrew Davis said "Since Eco Exploration will be seeking investment capital for our more recent ventures in Peru, this positive news couldn't of come at a better time for us. As a company we are now looking to move forward into new sustainable areas, and timing is of course crucial”.
Eco Exploration analysts forecast gold spot price to reach $