Posted on 09/28/2010 6:40:12 AM PDT by SeekAndFind
Barrick Gold, the world's number one miner of the precious metal, said on Monday gold prices could "easily" outperform recent record highs to rise above $1,500 an ounce in the next year.
"From what we're hearing, there are still significant new buyers coming into the market," Jamie Sokalsky, the company's chief financial officer, told Reuters on the sidelines of the London Bullion Market Association here.
"My view is that we could see much stronger prices still from here," he said, adding: "I can see gold easily taking out new highs and going above $1,500 an ounce in the next year."
Spot gold rose to a record high of $1,300 an ounce on Monday. Delegates at the LBMA meet were bullish on prices earlier on Monday, delivering an average forecast of $1,406 an ounce for this time next year.
(Excerpt) Read more at reuters.com ...
Dont know about this, but heard it could go 2k.
Any thoughts?
RE: Any thoughts?
Depends on many things. The result of the November mid-term elections could give us a signal as to where things are going fiscally.
Are we going to be a more austere country? Or we going to tax, spend and borrow? If the later, I expect your $2,000/oz scenario not to be far fetched. It was just over a year ago when people were mocking the idea that Gold would cross the $1,000/oz barrier. Look where we are today?
There’s so much uncertainty going on now. I don’t believe that the VALUE of Gold is soaring, it’s the dollar and other currencies that are devaluing.
Many countries are competing with each other to DEVALUE their currency with respect to the USD. China prevents its currency from rising. Japan intervenes to stop the Yen from rising, so does Brazil, etc. This daisy chaining effect has investors worried.
So where do they run to ? Well, the ultimate resource/comodity that keeps its value...
As the Dollar goes down in value, it naturally takes more of them to buy a commmodity such as Gold.
Bingo. It is no som much gold going up but the dollar sinking. The US debt on everything is crushing. Medicare, SS, govt pensions, on and on.
Thank idiots who watch TV because ALL of TV is backing Islam and Hussein. It is 24x7 propaganda on ALL of TV.
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