Oil, Gold Hit Records

The price of gold could peak at US$1,200 an ounce this year, Mr. Norman said.

Production from the world’s biggest producer, South Africa, has sunk to levels not seen since the 1930s, he said, and despite a long-standing bull run for the price of gold, a finite supply of the precious metal means not enough is being produced to meet demand.
“Demand is driving this inexorably,” Mr. Norman said. “People talk about peak oil, but peak gold should also be a feature of discussion in 2008.”

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