Gold surpassing $2000 Experts Say
Over forty economists agree gold’s future is very bright
By David Bradshaw, Editor RMP (original post from Swiss America)
Jan 10, 2008
The commodity super-cycle has swept gold prices to triple since 2001 — but that’s just the kickoff say the experts.
How high will this bull market in “real money” and commodities drive gold prices over the next 5 to 15 years? Get ready to be shocked!
Gold prices have grown about $100/oz. per year since 2003. Gold was $300 in ‘03, $400 in ‘04, $500 in ‘05, $600 in ‘06 and now $800 in ‘07. Savvy investors and gold experts see $950 plus gold in 2008!
Recently many analysts have jumped onto the $1,000/oz. plus gold bandwagon — most of whom were not considered “gold bugs” in the past, like Citibank and JP Morgan & Co.
Here’s a list of forty-seven prominent analysts, authors and gold experts already on the record forecasting four-digit gold prices to arrive in the years ahead. Their combined gold price expectation is $2,200/oz. gold!
Count for yourself the dozens of good reasons for owning gold today, which these experts suggest will drive gold prices sky high. I’ve listed two dozen reasons at the conclusion.
DAVID GAROFALO, CFO, Agnico-Eagle Mines
“We don’t see any reason in this cycle why gold shouldn’t reach its real all-time high, which is actually about $2,200 an ounce,” he told reporters after a presentation in Toronto, adding the time frame of three to five years. -Reuters, 1/10/08
OTTO SPORK, Hedge fund manager, Sextant Capital Management Inc.
“The price of the yellow metal is en route to $1,500 an ounce within the next two years. We could easily see $35 or $40 per ounce for silver over the next couple of years. We feel that certainly the junior gold and other resource stocks are nowhere reflecting their true value.” -Globe&Mail, 12-4-07
JAMES DINES, Editor, The Dines Letter
“We would be very surprised if the gold price did not blast right through the old highs, and we reaffirm our old targets for gold of $3,000 to $5,000 an ounce (Plus silver over $100 an ounce) … gold is not merely a colorful trinket but a monetary asset, and when mass fear strikes at the heart of paper money, the stampede to gold will be awesome.” -MW, 11-5-07
ROB LUTTS, President, Cabot Money Management
“Gold will hit $850-$870 by the end of 2007 and $2,000 gold is achieveable in this move, given the huge demand from ETFs and soon pensions and insurance companies will be buying gold as a new alternative asset class.” -CNBC, 11-2-07
DAVID DAVIS, Analyst, Credit Suisse
“The gold price will soar to more than $1,000 per ounce over the next five years as dwindling supply of the precious metal combines with increased demand. Upward pressure on the price of gold is being driven by the economic environment surrounding the US economy and a change in the supply and demand dynamics surrounding gold.” -London Telegraph, 11-1-07
JOHN HILL and GRAHAM WARK, Citibank analysts
“A’Reflationary Rescue’, in a new cycle of global credit creation and competititive currency devaluations could take gold to $1,000 an ounce, or higher. Central banks have been forced to choose between global recession or sacrificing control of gold, and have chosen the perceived lesser of two evils.” -London Telegraph, 10-1-07.
PAUL O’BRIEN, Analyst, Raymond James
“We believe this rally is still in its infancy with a ‘toe in the water’ ahead of the upcoming 4Q. The gains for gold can be attributed to the interest rate cut by the Federal Reserve and continued weakness for the greenback.” -National Post, 9-24-07
AUBIE BALTIN, CFA, CTA, CFP, PhD
“When FEAR combines with full blown Greed, there is no longer any more talk of correction as prices begin to jump 5% to 10% in one day and people line up to buy bullion as signs pop up everywhere, “WE buy and sell gold”. Once both fear and greed take over the market and the short squeezes begin in earnest, there is no way of predicting how high the high. $2,200 gold and $100 silver seems the barest minimum targets, maybe $5,000 or even $10,000.” -FiendBear, 9-24-07
JOHN HILL, Analyst, Citigroup
“Gold appears to be entering a new investment-driven phase and has re-asserted itself as a safe haven. Gold will be one of the top beneficiaries of the “Re-flationary Rescue,” which should bode well for hard assets and basic materials. I would not be surprised if gold were to break its all-time high of $850, or even $1,000 or higher in a new cycle of global credit creation and competitive currency devaluations.” -National Post, 9-21-07
CHRISTOPHER WOOD, Chief strategist, CLSA
“Market ructions, the sub-prime conflagration and a collapse of the dollar could send gold prices to more than $3,400 an ounce within the next three years. This is not a sub-prime crisis. Sub-prime has merely exposed the bigger scam of structured finance; a scam that is about pretending that bad credit is good credit.” -London Times, 9-19-07
DONALD LUSKIN, Chief investment officer, Trend Macrolytics
“I’ve written in this column about inflation often over the last three years. I’ve said gold was going to $1,000. If the Fed cuts rates, then I’m going to have to admit I was wrong. Then gold isn’t going to $1,000. It’s going to $2,000.” -Smart Money, 9-7-07
Written by samuel maxwell on January 28th, 2008 with
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