Aug 4, 2011
The price of gold could almost double as central banks’ reserves are depleted, according to the chairman of a gold industry association.
“You could see $3-5,000 to clear the market as the central banks and bullion banks run out of gold to meet the growing demand,” Bill Murphy, chairman of the Gold Anti-Trust Action Committee (GATA), which is hosting a conference in London this week, told CNBC Thursday.
“Six years ago when gold was at $436 we predicted that this would happen.”
GATA is backed by gold [XAU= 1663.30 2.60 (+0.16%) ] traders and investors.
Murphy, and GATA, believe that the gold market has been manipulated by bullion banks and central banks like the Federal Reserve and the Bank of England, as well as the International Monetary Fund (IMF).
This article was posted: Thursday, August 4, 2011 at 3:46 am