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Gold bullion 'will surpass $1,000 and stay there'

Gold prices will hit the $1,000 an ounce mark - and stay above that level for a significant period of time, it has been claimed.

Speaking to Reuters at the Global Mining Summit, Goldcorp chief executive Kevin McArthur said there is a case for the yellow metal to breach the psychological $1,000 milestone and remain above it for some time.

A number of experts have recently put forward predictions of gold not only surpassing $1,000 an ounce in the near future, but perhaps soaring as high as $2,500 an ounce in the longer-term.

According to the Daily Reckoning, gold prices have soared by 37 per cent since US interest rates were first cut in the current cycle in September 2007.

The website states: "Adjusted for inflation, [gold] will have to go up to $2,500 or so, just to match the peak set in 1980. Most likely, it will go far further."

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