90 Analysts Believe Gold Will Go to $5,000/ozt. – or More!
Munkee | June 12, 2011
Of the 133 analysts who have now gone public in maintaining that gold will eventually go to a parabolic peak price of 2,500/ozt.+ before the bubble bursts 90 – yes 90 – maintain that gold will reach at least 5,000 per ozt. Take a look here at who is projecting what, by when. Words: 954
Lorimer Wilson (www.FinancialArticleSummariesToday.com and www.munKNEE.com) identifies below the 133 analysts by name with their price projections and time frame.
Editor’s Note: If you find a name or two missing from the list below I would appreciate you sending me his/her name and the URL of the article in which the individual states his/her case to editor@munKNEE.com so I can have the most comprehensive list available on the internet. To be included in the list only projections of gold achieving a parabolic top of at least $2,500 per troy ounce (for an excellent article on gold karats and troy ounces go here 1), accompanied by sound reasons, will be included in the revised list. For some insights into what the implications of such high gold prices would have on the price of silver go here (2) for an excellent article on the historical silver:gold ratio. How much gold should you buy? Read this (3) article for some guidance in that regard.
3 Analysts See Gold Reaching its Parabolic Peak Sometime in 2011! 1.Bob Kirtley: $10,000; 2.Patrick Kerr: $5,000 – $10,000; 3.Taran Marwah: $3,000;
10 Analysts See Gold Reaching its Peak Before the End of 2012 1.Arnold Bock: $10,000; 2.Porter Stansberry: $10,000; 3.Taran Marwah: $6,000+; 4.Greg McCoach: $5,000+; 5.Robert McEwen: $5,000; 6.Mary Anne and Pamela Aden: $3,000 – $5,000; 7.John Paulson: $2,400 – $4,000; 8.Ian McAvity: $2,500 – $3,000; 9.Peter Hambro: $2,500; 10.Charles Nenner: $2,500
Gold came under intense selling pressure this morning as the IEA announced its members would release 60 million barrels of stockpiled oil over a 30-day period that is slated to begin around the end of next week. Fully half of that total dump will come from the US strategic petroleum reserve. The stated rationale for the drastic move is to offset MENA supply disruptions. I assume they're talking about Libya's approximate average of 1.8 mln bbl/day in recent years.
Put another way; 2 mln bbl/day is about 2.2% of the IEA's estimated global consumption rate of 89.3 mln bbl/day for this year. The supply dump essentially offsets the daily consumption of Mexico. Or perhaps more relevant; for a US family driving 1,000 miles for a family vacation this summer -- if the IEA action optimistically drops prices at the pump by 50¢ -- they'll save about $25.00. That won't even cover half the price of a daily ticket to SeaWorld. If as Christopher Helman of Forbes suggests, this is the Administration's feeble attempt at QE3, it's a pretty weak effort.
As for the real QE3; Fed Chairman Bernanke left the door open yesterday, saying that the Fed would be “prepared to take additional action, obviously, if conditions warranted,” including the purchase of more Treasury securities. While Fed purchases of new Treasuries through QE2 will apparently indeed terminate at the end of the month, the NY Fed announced yesterday that it will conduct 7 POMOs beginning 01-Jul as part of ongoing reinvestment operations (QE-lite).
The FOMC and Bernanke expressed heightened concerns about the pace of the recovery. The Fed scaled back their GDP forecast for 2011, while raising their expectations for both inflation and unemployment. Stocks fell on this news and have extended sharply lower today, turning up the pressure on the Fed to provide further accommodations. Perhaps tapping IEA and US strategic petroleum reserves is simply a feeble attempt to bridge the accommodation gap between the end of QE2 and the needed justification for QE3.
Evidence of faltering economic growth from both China and the eurozone played in to the double-dip scenario today, adding further weight to gold on moderating inflation worries. A very weak June UK CBI distributive sales survey added insult to injury. The July expected sales component was particularly troubling, suggesting UK consumers are tightening their belts. The BoE has already been discussing the potential need for additional QE. by Peter A. Grant
The foundation of a return to “sound money” has been laid Guilt without atonement? Excessive structural debt suggests further appreciation of gold Negative real interest rates continue to provide gold with a perfect environment No reason for “AUROPHOBIA” Adieu “Exorbitant Privilege“ Why gold is (still) no bubble Excursus: the creation of money from the perspective of the Austrian School of Economics The monetary system at the crossroads – on the way to anew gold standard? Gold as portfolio insurance Gold mining shares with historically low valuations Risk/return profile of gold investments remains very favorable Next target price at USD 2,000 At the end of the parabolic trend phase we expect at least USD 2,300/ounce -
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