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Gold surges to $1040 an ounce

Today's announcement that the gold price reached an all-time high of $1040 an ounce has seen more and more investors looking towards this valuable commodity. At this moment in time it would appear that opinion is fairly split between further progress for the gold price and short-term weakness. However, much of the short to medium term performance of the price of gold will depend on the worldwide economy which is very difficult to predict at the best of times!

There is now a growing consensus that while the worldwide economy has improved somewhat over the last six months or so, there is still a real risk of a further decline in 2010. If governments around the world "take their eye off the ball" we could see all of the good work so far undone in just a few months. Gold has historically been a hedge against difficult economic conditions around the world and while some investors would expect short to medium-term profit-taking, due to a potential recovery in the worldwide economy, this should not be taken as gospel.

When you consider the price of gold is currently at an all-time high we are literally in new territory and it is very difficult to say with great certainty how the price will move in the short to medium term.

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