Gold Prices Soared On Wednesday

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Speculators and investors at eToro and other online commodities brokers witnessed gold prices soar on Wednesday, breaking the ‘golden’ $1,500 mark in the process. And just like previous hikes in the price of gold, the price of other commodities benefitted too. This latest advance by the valuable metal has gone further than many analysts predicted and if you were on the gold wagon as it reached these dizzy heights on Wednesday you should be a happy trader right now.

Last week fear of inflation pushed gold prices up to the dizzy heights of $1,486 and the just the same as today, other precious metals including silver also climbed in value. Today silver traded above the $45.00 mark, climbing by 54 cents and hitting a 31-year high for the heavily traded commodity but what does the future hold for commodities such as silver and gold?

Certain respected and knowledgeable market analysts are predicting further rises for gold, with similar moves for silver, platinum and other popular traded precious metals. Many feel that gold has a climb to the $1,550 region in it but warn that a significant fall to as low as $1,300 could also be on the cards. A drop like that would wipe out most retail traders’ investments if they didn’t sell fast enough. However, the fall would certainly only be a temporary happening, with the majority of trading insiders agreeing that the $2,000 per ounce target could be a reality with 12-18 months.

So there are certainly going to be some lively positions to be traded in gold over the coming weeks, whether it’s buying as gold prices climb or selling early as they start to plummet, if they do. If you fancy trying your hand at trading gold head over to leading online trading site, eToro. eToro is a hugely popular site that offers commodities and currency pairs to trade from an industry-leading trading platform with some of the lowest spreads around so visit www.etoro.com today and open a new trading account.