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Article: The Detroit Free Press Industry Report column.
- Article from:
- Detroit Free Press (Detroit, MI)
- Article date:
- November 21, 2005
CopyrightCOPYRIGHT 2005 Detroit Free Press. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Nov. 21--INDUSTRY REPORT: Gold may rise to $500 an ounce for the first time since 1987 as investors purchase more bullion as a hedge against declining currencies, a Bloomberg survey shows.
Sixteen of 28 traders, investors and analysts surveyed from Sydney to Chicago Nov. 17 and Nov. 18 advised buying gold, which rose $16.80 last week to $486.20 on the Comex division of the New York Mercantile Exchange. Prices are up 11% this year. Seven recommended selling gold. Five were neutral.
Gold sold in dollars gained against the major currencies last week, including a 3.5% increase in euros and 5% in the British pound. Gold rallied this year as mine output ...
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