Gold (-GC) for December delivery was adding $21 to $1,784 an ounce at the Comex division of the New York Mercantile Exchange at mid-day Friday. The gold price has traded as high as $1,800 and as low as $1,759.50 while the spot gold price was adding $8.20, according to Kitco's gold index.
Federal Reserve Chairman, Ben Bernanke, offered no surprises in his speech at Jackson Hole Friday, but he did leave the possibility for further intervention open. Bernanke said the Fed is willing to step in if needed to trigger a stronger recovery, but barely discussed any monetary policy. The Fed's policy meeting in September is now two days instead of one, which indicates stimulus is on the table but whether or not there will be an agreement or policy shift is a different story.
Gold prices could see $2,000 an ounce in the coming months, but in the short-term, gold prices could see further weakness, because the Gold market is more liquid than silver, with favorable fundamentals, the correction shouldn’t be “overly brutal.” In the long-term, he says gold prices should go higher as gold will act as both a safe haven asset and a store of value to offset the inflationary aspects of further easing. Read gold price predictions september 2011
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