[/caption]The price for gold turned softer in Monday trading. After closing with $1357.10 per ounce on Friday, the gold prices advanced up to $1.365 per ounce on Sunday, but turned lower on Monday. Currently the price is $1,351.09 per ounce.
There is probably some uncertainty regarding the elections on Tuesday. Despite the sell off, gold remains in a very high range.
In a recent article on Bloomberg, "Gold Will Outlive Dollar Once Slaughter Comes", John Hathaway, director of Tocqueville Asset Management LP in New York writes:
"Naysayers point to gold’s price and see a bubble, without understanding that the only acceleration that is taking place is in the rate of decline of paper currency. The Fed is organizing an attack on the dollar’s value, believing that this is the most expedient way to defuse deflationary market forces. The man in the street is unaware, a perfect setup. Inflation can only be successful when the public doesn’t see it coming".
This is but one example of many experts that predict that gold prices are going to advance further.
On the next page you can watch a very interesting video on the outlook for gold.
How Will QE2 Impact The Outlook For Gold? Watch The CNBC Video Now.
The introduction of QE2 will result in a bullish outlook for gold in the long-term, says James Steel, chief commodities analyst at HSBC. He speaks to CNBC's Bernard Lo about where the strong demand for the yellow metal is coming from.
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