Jeffrey Christian, managing director of research firm CPM Group... told WSJ jewelry-makers are likely to start creating lighter pieces to keep raw materials costs down. He predicts a 2%-6% decline in jewelry-related demand this year.
Christian says gold price rallies above $400-an-ounce have been sustained only twice during the past 25 years: 1979 to 1983, when gold traded as high as $825 an ounce; and 1987 to 1988, when it hit $497 an ounce. The first rally was driven by high energy prices, interest rates and inflation. The second was marked by a steep decline in the dollar and the stock market crash of October 1987. The analyst says for prices to rise much more right now, economic predictions would need to be very pessimistic, and they're not.
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