According to The Wall Street Journal, independent metals consultant group GFMS Ltd. predicts the price of gold to pass $1,600 an ounce before the end of this year due to “probable spreading of the government debt crisis from Europe to the U.S. and Japan” as well as inflation concerns.

As increasing numbers of private investors flock to gold, GFMS now considers gold to be an “investment [that is] more solid and less prone to short-term selloff of the kind seen in the futures market in the late 2010 and early 2011.”

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