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Gold 'will be at $1,650'

Nothing will stop the rise of gold prices, despite current hesitation in the market, it has been claimed.

According to precious metals analyst Jim Sinclair, the use of gold as a hedge against inflation will not cease, even in the face of possible interest rate cuts by central banks.

Mr Sinclair says that he believes that any pullbacks by investors in gold are insignificant and will decline by early May, resulting in a new buoyancy for the market.

"Seasonality only applies to gold when the price is wholly dependent on commodity demand to make price. This has happened before and will again. Look at how far we have come since $248; [the price is] now above $900. In the not too distant future we will be at $1,650," he said, according to Commodity Online.

Jim Sinclair is a precious metals specialist and a commodities and foreign currencies trader. He founded the Sinclair Group in 1977.

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