August 22, 2011
Growing concerns about the global economy and the possibility of a new round of stimulus spending in the U.S. sent gold to a new record high just below $1900 per ounce. As of 10:37 AM Pacific Time, gold was trading at $1,891 per ounce on the New York Spot Market, up $37 per ounce, while silver was trading at $43.59, up $0.59.
JP Morgan Chase recently issued a forecast of $2,500 for gold prices before the end of 2011, saying “Before the downgrade, our view was that gold could average $1,800 per ounce by year end. This view will likely now prove to be too conservative: spot gold could drive to $2,500 per ounce or higher, albeit on very high volatility.”