November 16, 2012 -- With the possibility that the fast-approaching fiscal cliff may be realized, ABC News is reporting that safe-haven investments, such as gold, have become "more enticing" for investors. Furthermore, it reports that precious metal experts have been predicting that gold would surpass the $2,000 price per ounce in 2013.

Cited experts include the head of metals trading at Deutsche Bank, Raymond Key, who originally offered his opinion to Bloomberg News. Other experts in gold futures cited by ABC supported Key’s claim, relating to the broadcaster that the reason that the price isn’t already above $2,000 right now is that many people don’t really understand the immediate and pending challenges present in the US economy or in the global economy.

Today, the spot price has fluctuated around $1,700 an ounce in futures trading.

Rising Price of Gold

The broadcaster also warned investors to be wary of scams, cautioning them to only buy gold bullion and coins, and any other precious metals, from reputable precious metal dealers with an established history and customer base.

Pressing domestic issues such as inflation, the pending fiscal cliff, and long-term economic instability are behind the experts’ claims. The so-called fiscal cliff is a package of both tax increases and spending cuts that take effect on January 1, 2013.

They are already written into law and automatically will occur unless Congress can come to terms with itself and the Obama administration and agree on, and vote in, a new budget before New Years Eve. Temporary measures or other efforts to “kick the can down the road” and delay big decisions could be expected to increase global uncertainty and further drive the spot price of gold.

If the federal government fails to reach a formal agreement to avoid the fiscal cliff, many are projecting that most taxpayers will awake on New Year’s Day with higher tax rates. This would include payroll taxes and taxes for high earners.

Other concerns would remain, even if the fiscal cliff is averted. There are risks of further devaluation of the U.S. dollar, given the extremely low interest rates being maintained by the Federal Reserve through 2015. Fears of continued economic fallout in the European Union, as many see Spain threatening to go the way of Greece, represent another large threat.

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