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.Oil May Hit $150, Gold $2,000: Risk Assessor

tweet0EmailPrint..On Tuesday April 19, 2011, 8:12 am EDT
Oil prices are likely to hit $150 while gold may go above $2,000 longer term, Nick Bullman, a managing partner at research-based risk assessment service firm CheckRisk, told CNBC Tuesday.

In the Middle East and North Africa, "the genie is out of the bottle" and the unrest is " very likely to continue for some time," Bullman said, adding that over the short term oil, which currently trades around $105 for US crude and $119 for Brent crude, is likely to spike to $135.



Demand from Asia is high, the glut in WTI crude is temporary and Saudi Arabia is unlikely to be able to make up for the difference in output from other countries in the Middle East and North Africa where exports decreased, he said in support for this bullish call on oil.

Gold as a store of value will continue to go up because "the monetization of debt is a big problem," Bullman added.

The precious metal is likely to hit $1,625 for this year but "it's going to go above $2,000" longer term, he predicted.