AG said today in a report that projects prices will hit $1,500 (U.S.) an ounce in the next 12 months and says anything below $1,200 represents a buying opportunity.
The price of gold rose to an all-time high point above $1,250 an ounce on Tuesday, as investors nervous about the weak state of the global economy sought safety in the precious metal.
Stocks fell on Monday in a late-day selloff that took the Dow Jones Industrial Average below its lows of the May 6 “flash crash.”
The Dow ended down 115.48 points, or 1.2%, at a seven-month low of 9816.49 and below 9869.62, its low-point of the May 6 slide. That day, buyers rushed into the market at that level, helping pare a 1,000-point drop to a decline of 347.80 points.