Gold to hit $1,600 this year; GFMS survey

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Precious metals consultancy GFMS released its Gold Survey 2011 on Wednesday. The report noted strong investment in gold has pushed prices higher and for the first time since 1988, saw higher net purchases than sales by central banks.

Central Bank Gold Agreement signatories agreed in 2009 that for the next five years their sales would not exceed 400 tonnes and total sales over this period will not exceed 2,000 tonnes, meaning sales this year were expected to be slow.

This, combined with rising pu

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