Saturday, June 26, 2010

Gold Going to Parabolic Top of $10,000 by 2012 – For Good Reasons

No wishful thinking here! As I see it gold is going to a parabolic top of $10,000 by 2012 for very good reasons – sovereign debt defaults, bankruptcies of “too big to fail” banks and other financial entities, currency inflation and devaluations – which will all contribute to rampant price inflation.

1. Peter Schiff:
Gold could reach $5,000 to $10,000 per ounce in the next 5 to 10 years.”

2. David Rosenberg:
Rosenberg, the former Merrill Lynch North American Economist and current Chief Economist and Strategist for Gluskin Sheff,
- if the relationship between gold and the M3 money measure where to revert to the 1990 high, then gold would move to $5,700 an ounce.

3. Alf Field:
Alf Field has been called the “world’s best gold analyst.”  He is well known for his many spot-on predictions in the precious metals market and these are some of his determinations regarding the future price of gold;

a) "As gold keeps breaking new records...the fundamental factors behind the trend remain clear: cure of the social security system
- eroding credibility of the U.S. motto about a strong dollar
- the general weakness in the fundamentals of the global economy" Gold has some powerful dynamics behind its rise, and it doesn't seem outlandish to imagine a target of $3000 - $4000 in the next 5 years,
b) the ten-year long correlation between gold and the Euro has broken down recently [and it is]

5. Harry Schultz:
Harry Schultz' International Harry Schultz Letter (a paid subscription investment service) has gold going up eventually to $6,000 saying "We (collectively) are poised at a heart-stopping moment in economic times.

6. Egon von Greyerz:
So gold is likely to make a top in the next few years between $5,000 and $10,000.”

7. Peter Cooper:
Cooper, author of a book entitled, appropriately, "Dubai Sabbatical: The Road to $5,000 Gold," maintains that "Governments around the world have forced interest rates to artificially and unsustainably low levels to combat the global financial crisis.

8. Rob McEwen:
He says his forecast for gold represents a “once-in-every-300-years” phenomenon and holds by his previous forecast that gold will rise to $2,000 an ounce by the end of this year.

9. Peter Krauth:
Krauth, a highly regarded market analyst and expert in metals and mining stocks, maintains that " there are 5 sound reasons why gold will soar to $5,000 an ounce, namely:

And let's not forget:
10. Arnold Bock:
"No wishful thinking here! As I see it gold is going to a parabolic top of $10,000 by 2012 for very good reasons:

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