Gold $2000 Dec 2010!
We told you gold would hit $1400. It did so on Monday. Now we tell you that gold will hit $2000 during 2011
According to Robert Zoellick, president of the World Bank: ‘the soaring price of gold reflects the international unease about the strength of large developed economies’. He stated that ‘Gold is now being viewed as an alternative monetary asset. It has become a reference point because holders of money see weak or uncertain growth prospects in all currencies. Gold is appealing to people who ask where should I put my money. It is a hedge against uncertainty’.
The price of Gold hit another record high yesterday, as investors worried about the state of the European economies and inflation. All major economies are printing money at record rates. Gold is the ONLY currency not being thus devalued. The price has now risen by about 7% since the US central bank announced last week its plan to inject $600bn (£372bn) into the American economy.
Gold mining companies are an operationally geared play on the gold price. And so if – as we expect – gold gains at least another 50% during the next 12 months gold stocks will rise by a multiple of that.
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