Perth economist predicts gold prices will keep on shining

Perth-Australia (Mar 21) The gold price could reach US $1400 by the end of the month according to a Perth economist.

Chief economist for ABC Bullion Jordan Eliseo said the unrest in the Ukraine was pushing the price of gold up.

"If we break US $1430 I think the gold price will continue to appreciate," Mr Eliseo said.

The gold price was US $1332.57 or $1332.57 on Thursday after reaching a six-month high earlier in the month.

"Gold is always seen as the ultimate safe haven, so when there is instability in the political world, we see the gold price increase," Mr Eliseo said.

"When people get nervous about other investments they turn to the more traditional investment of gold."

ABC Bullion has just opened a Perth base in addition to their Sydney one, holding their official opening on Thursday night.

The company provides a range of services for people to manage their bullion investments.

Mr Eliseo said the company already stored a lot of gold on behalf of West Australian clients so it made sense to have an office there.

According to Reuters sales of gold bars and coins at the Perth Mint - Australia's only gold refinery - climbed in February from the same period last year.

Sales of gold coins and minted bars rose to 47,003 ounces in February from 44,399.48 ounces in the year-ago period, according to data.

 Source: watoday-australia