Gold at $1000, $2000 or Higher?
Why Gold is Still Cheap
Jim Rogers, the former George Soros partner who foresaw the start of a gold commodity rally in 1999, said the boom in commodity prices will drive the price of gold to at least $1000 an ounce.
Rogers said, "The shortest bull market for commodities lasted 15 years, the longest 23 years. So if history is any guide, we've got a long way to go." Buy on the corrections now!
Another well-recognized analyst and gold expert, James Turk, made a similar claim, in Barron's Magazine May 29th Issue. However Turk was even more optimistic.
During the Barron's interview, Turk harkened us back to 1980 when gold hit an all-time high of $850 an ounce. He said, "if you adjust that $850 for inflation and debasement of the dollar . . . that $850 becomes something more like $2005 an ounce."
Gold could rise 10-Fold. $600 Gold will Look Cheap in a few Years.
Marc Farber, who told investors to bail out of U.S. stocks a week before the 1987 Black Monday crash and began recommending commodities at the end of 2001, said gold may rise ten fold in the next ten years.
Faber, the founder of Marc Farber Ltd., said gold isn't expensive when you compare its price to the quantity of money that has been printed in the last 10-15 years in the U.S. and the world in general.
The correction in gold doesn't mean the end to the commodity boom. Between December 1974 and August 1976 the price of gold declined from $195 to $103, then it went up eight times. I think gold prices will go up by a minimum of ten times to something like $6000 and ounce
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