In recent weeks the price of gold has dropped below the $1600 per ounce mark prompting many investors to make the decision to get back in a buy mode for gold. On the heels of a major purchase by one gold company, and trends on the stock market, gold prices rose back up above $1600 earlier today.
According to reports, Eldorado Gold announced a deal to make a $2.4 billion purchase of European Goldfields. The deal, which still need approval from stockholders in both companies, is expected to close by the week’s end on the Toronto Stock Exchange.
Exactly what this purchase means to investors tracking the price of gold is not completely clear. However, is appears to make it clear that Eldorado Gold feels confident that gold prices are expected to remain at current high levels for the foreseeable future.
For the average investor deciding whether or not now it the time to invest in gold is still a little questionable. Based on historical trends, with gold prices topping $1800, it does appear the anything under $1600 in the price of gold was probably a good place to get in.
Investors with less to spend should consider silver, say analysts who see the rise and fall of the precious metal trending very similar to that of gold. However, with silver prices in the $30 range per ounce, buying silver opens opportunity for more investors. While the price of silver is no as high as gold, recent growth, and future growth opportunity does appear to exist.
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