Gold May Climb for Six Years, Says (Update1)

By Claudia Carpenter

April 23 (Bloomberg) -- Gold may climb for another six years, buoyed by demand from investors seeking a haven from declines in equities, Ross Norman, a director of London-based, said.

``I think we're midway in the cycle that has six more years to run,'' Norman said in an interview at a Mining Journal conference in London today.

Gold has gained for seven years, and rose to a record $1,032.70 an ounce on March 17. The high will be about $1,250 an ounce this year, $1,650 an ounce next year and $4,000 in six years, Norman, 48, said. ``We've seen the low'' for 2008. Investments in commodity indexes jumped $40 billion in the first quarter to $200 billion, he said.

Prices of gold advanced 10 percent in the first three months while the FTSE 100 Index on the London Stock Exchange declined almost 12 percent.

Gold for immediate delivery climbed as much as $7.07, or 0.8 percent, to $922.97 an ounce and traded at $916.28 as of 10:18 a.m. in London.

To contact the reporter on this story: Claudia Carpenter in London at
Last Updated: April 23, 2008 05:21 EDT

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