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Gold Has One Super-Spike Left: Strategist
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Gold has one more super-spike left in it, Al Abaroa, commodity strategist from Options Pro, said on Monday. He predicts the precious metal will rise to $1,300-$1,400 in the first six months of 2010 before losing its luster.
"We're starting to see upticks in inflation. And the future gold price will certainly be driven by inflation risk," Abaroa said. "Before we start moving higher, we are going to have to enter a period of consolidation, probably through year's end."
Spot gold was trading around $1,132 an ounce on Wednesday.
On the subject of inflation, Abaroa told CNBC food inflation is coming back into the picture, which will make agriculture stocks more important next year. Economists have projected food inflation at 3 to 4 percent for the U.S. in 2010, he added.
"The real wild card is going to be corn," he predicted.
Alongside agriculture stocks, natural gas is another commodity set to gain next year, Abaroa said.
A cold snap in the U.S. is likely to push natural gas prices up, as roughly 50 percent of households in the country use natural gas to heat their homes, he told CNBC.
"Natural gas will certainly become a more important part of the Energy Administration package presently being put forward by the Obama Administration," he said.
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