Gold for April delivery soared $20.90 to $1,353 an ounce at the Comex division of the New York Mercantile Exchange.
Rising oil and food prices are likely to have a significant impact on inflation outlook in 2011.
High global commodities prices are likely to have a significant impact on gold prices. The investors will by much more gold amid fears of inflation. As inflation fears rose to a record high in China, India and EU the price of metals, gold, oil , copper will rise. The investors will continue to buy safe assets. Albanian Minerals President & CEO said “We are positive on growing metal prices”. The price of metals should continue to be supported by demand driven by global economic growth a huge investment’s in infrastructure and energy sector worldwide.
Inventories of copper shrank this year as demand recovered, pushing prices to a record $10,000 a ton. Global demand will outstrip production. The inventories copper, aluminum, chrome ore, nickel , ferrochrome and iron ore are at the lowe’s level this year. Metal prices will rise sharply in 2011 do to the growing demand and higher energy costs.
Albanian Minerals in New York is receiving a record new orders for row minerals, copper, nickel, chrome ore and iron ore for 2011
Copper prices hit $10,000 a tonne on Thursday for the first time as investors piled into the metal amid fears of a severe supply shortfall.
Copper is widely used in manufacturing , construction and energy, Copper is crucial to the global economy
Albanian Minerals expects China, US and Germany the world’s largest consumers of Gold and cooper to return to the market to purchase more of gold and copper.
Chinese companies will run down their inventory levels in 2011.
Copper stocks are not high enough in US, EU, China and India.
China and Germany will need to continue to import more copper as manufacturing and exports are growing
The copper consumption levels in US and Europe will continue to grow.
As copper prices hit a record, other metals surged.