Gold future glistens as prices rise in response to US gloom

Falling production levels and growing global demand are two of the central planks of the bull market case for gold. While the price stands at $450 per ounce, the enthusiasts, such as Philip Klapwijk, executive chairman of precious metals consultancy GFMS, are predicting a price per ounce in excess of $500 by the first half of 2006. That would represent an impressive return for any investor who bought in to the asset class at the point it last bottomed out, back in 2000 at $250 an ounce. Supply appears to be falling, albeit slightly, with 9.6 million ounces produced by the 20 largest g...