CitiFx Sees Gold Above $1,300

A CitiFX analysts said the run is gold is not overdone and is looking at gold to trade above $1,300 by the first quarter of 2010. They ultimately see gold above $2,000.

Today, gold rose back above $1,000 an ounce level. Gold spot is at $1008.7 this morning, up from yesterday's close of $996.40.

Many have been gaining exposure to gold through ETF SPDR Gold Shares (NYSE: GLD) or through the miners as represented by Market Vectors Gold Miners ETF (NYSE: GDX), which seeks to replicate the price and yield performance of the NYSE Arca Gold Miners Index. Top holdings of the index include Barrick Gold (NYSE: ABX), Goldcorp (NYSE: GG), Newmont Mining (NYSE: NEM), Kinross Gold (NYSE: KGC), and Yamana Gold (NYSE: AUY).

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