A Long Profitable Ride for Investors
At the start of 2002, the gold spot price was $275 per ounce, and from that point investors saw the value of the shiny metal take a multi-year parabolic path towards $2,000.
For a quick review of the price path history, the price of gold first touched $400 near the end of 2003. The $600 threshold was reached in April of 2006, then $900 in January of 2008 and $1,000 was reached two months later. The price of gold was approaching $1,400 as the year 2011 started out, yet the price was still at $1,500 as late as early July. The price of gold then shot up to almost $1,900 by early September and many investors, traders and gold watchers were predicting $2,000 would soon happen.
However, as the end of October, 2011 draws near, it appears gold has pulled back into a trading range well below $2,000 per ounce, so the question is where does the price of gold go from here?