In the next two years.Last Update: Thursday, May 5, 2005. 1:19pm (AEST)
Gold prices are tipped to hit $US850 an ounce. (File photo) (Reuters)
Gold price predicted to double
An investment firm predicts the price of gold will double in the next few years.
The company, Fat Prophets, says dwindling global gold reserves, combined with increasing demand from India and Japan, will see prises rise to $US850 an ounce.
Director Angus Geddes says more investors are looking into gold funds and mining companies as a way of making money.
"The bull market as we see it in gold is in its early stage," he said.
"Certainly we're seeing at the institutional end there's a number of gold funds that have been set up overseas.
"It's a slow shift but the tangible signs are there. One thing we have noticed is that some of the big central bank sellers, such as the Bank of England, no longer have really sufficient gold reserves to actually sell, they've already sold those reserves."