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Thursday, 9th April 2009 (1804 views)

Gold prices could soar up to $2,011 (£1,369) an ounce by the end of 2011, a precious metals specialist has predicted.

According to Barry Stuppler, president of the American Numismatic Association, hyperinflation over the next few years could substantially push up the price of gold above a recent record high of more than $1,000 per ounce.

He noted that gold prices have increased by more than 500 per cent since 1975 and suggested that the metal plays an important role as "portfolio insurance and balance".

Mr Stuppler, president of a rare coin and precious metals dealership in Woodland Hills, California, added that "gold bullion coins are not subject to defaults, liquidity problems or the kinds of risks we've seen recently in the equities and real estate markets", offering "excellent liquidity" around the world.

Meanwhile, a rare 1870 Liberty Head gold coin sold for $414,000 dollars at a sale in Baltimore, Maryland in March this year, Numismaster reported.

 

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