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Gold prices ‘could double’ over the next few years
Bullion Vault
Wednesday, Dec 17, 2008
A senior figure at the investment arm of Commerzbank has claimed today (December 16th) that gold prices could double in the next three to five years, Reuters reports.
It has been widely reported in recent weeks that gold would struggle as a period of deflation sets in, but the dollar – which tracks in the opposite direction to the yellow metal – is on the slide.
Now Edward Hands, a portfolio manager for the corporates and markets division of Germany’s second-largest bank, has explained that the fiscal and monetary stimuli currently taking place mean that “it would be prudent to have some exposure to gold”.
He told the news provider: “The purpose of the stimulus is to reduce the debt burden. The easiest way to reduce debt is through inflation, achieved primarily through currency depreciation.
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“Certainly over the course of three, four, five years, you could see the gold price double quite easily.”
Mr Hands’ view that prices could double from the current level of around $830 per ounce was strongly corroborated recently by Citibank, the second-largest financial institution in the US.
Chief technical strategist Tom Fitzpatrick explained earlier this month that the group sees gold as being on a strong bull run and that prices could even break the $2,000 per ounce barrier next year.
“We continue to believe that a move of similar percentage to that seen in the 1976-1980 bull market can be seen, which would suggest a price north of $2,000,” he commented.
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16 Responses to “Gold prices ‘could double’ over the next few years”
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December 17th, 2008 at 5:19 am
The price of gold will hold around $1,100/oz.
December 17th, 2008 at 6:15 am
$1,000/oz sounds plausible but that still makes a good argument to buy gold now.
December 17th, 2008 at 7:26 am
The price of gold is ALREADY $1000 an ounce. Just try and buy physical gold for less. Not the paper crap, real gold in your hand.
I double dog dare you.
December 17th, 2008 at 9:57 am
LOL…What a fucking TWAT!!!!! Double in 3-5 years!!!! I almost shit my pants reading that!!! Gold is in backwardation…..People taking delivery at the COMEX……will fucking double before this time next year!!!! 3-5 years is anybody’s guess. Wouldn’t be surprised in the least bit seeing it at 3-5000 an ounce. Probably the sames duds saying that the economy was rolling right a long and everything was just Hunky Dory!!!! Biggest bunch of shitheads on the planet making these statements. Fed’s are going to have to allow the price of gold and silver to rise and stop manipulating the price down, to soak up all those paper(ass wipes) they’ve just printed. Funny how so many people just don’t get it! Less than 1% of people know what is going on in the world!
December 17th, 2008 at 11:07 am
The Dollar is just a God Damn piece if paper!
December 17th, 2008 at 12:13 pm
Can’t we just follow the law? Why not? Isn’t the U.S. Constitution the law?
Article 1 – The Legislative Branch
Section 10 – Powers Prohibited of States
“No State shall enter into any Treaty, Alliance, or Confederation; grant Letters of Marque and Reprisal; coin Money; emit Bills of Credit; make any Thing but gold and silver Coin a Tender in Payment of Debts; pass any Bill of Attainder, ex post facto Law, or Law impairing the Obligation of Contracts, or grant any Title of Nobility.”
If States have to use “gold and silver Coin” in “Payment of Debts” without exception by law, why are we not following this law? Don’t states pay their workers with checks? That is illegal!
December 17th, 2008 at 1:29 pm
Gold will double in the next few years and it could be the next few months! This economy is going bye bye!
December 17th, 2008 at 2:00 pm
Sounds very funny when you hear forecasts over time spans of 3-5 years.
Physical gold is being pulled out of the market. Paper gold is not a recommendable substitute. There’s too much default risk exposure there.
What I see happening is that people will be pulling banknotes out of bank accounts. With interest rates at zero and banks subject to failure, there is an incentive. At least until this loophole will be closed.
December 17th, 2008 at 2:09 pm
Gold is great… silver is better
December 17th, 2008 at 4:58 pm
One ounce of gold in 1904 would pay 4 months rent. Today one ounce gold will not even pay for 2 months for a studio apartment! But if gold rises to 2,000 dollars an ounce. Thats only the same value in 1904. Todays larger economy has not pushed gold prices to the same value as 1904. And why would it take clear until the year 2011 for gold to rise to the same value as 1904? The reason? Inflation! Thats right, inflation is what is raising gold prices. Not the United States economy!
Can you believe that? With the economy larger than ever, gold can only buy the same amount of produce on the market as in 1904! Unreal. But thats only because the folks who believe that there is the New World Order have yet to recognized that gold prices are controlled by the Federal Reserve and other private groups. Not by the US government, hello conspiracy theorist hello hello hello?
The reason gold has not increased in purchasing power since 1911 is because the United States government no longer controls gold prices.
Also to add silver is nothing compared to what it use to be. In 1911 one ounce of silver would pay for 10 months rent for an apartment, today it takes over 53 ounces!!!!
Inflation of course has sent gold downward, while naive American patriots “believe” its going upward!
One ounce of gold should have been able to pay for 6 or 7 months rent if the US economy has increased in production by the year 1955 you would think. And today one ounce gold only pays for one month rent for a 2 bedroom apartment!
Gold may have risen in value but todays inflation decreases its spending power. After all gold is represented in US dollars!
The Constitutional Gold Standard allows the government to increase gold prices at will.
Todays gold prices have risen past 900 an ounce and you still can’t even pay for once months rent!
Wake up NWO Illuminatti conspiracy theorist! Gold is not inflation proof! Whoever says gold is inflation proof is stupid, or mistaken.
Try taking one ounce of gold and paying your apartment rent for 4 months like in 1904. And now you have to wait for 3 years for gold to increase to over 2,000 dollars just to pay for nearly 4 months rent!!!! Wake up!!!
December 17th, 2008 at 5:47 pm
But, I bemusedly wonder, might I find gold at a good price? Oh…right…they’re selling it here, in exchange for that ‘worthless fiat money’…
December 17th, 2008 at 7:55 pm
hmmm….this headline should read “Anyone with two brain cells left in their head would agree that in 2 to 3 years gold will be trading at ten times the current value”
Imagine waking up tomorrow and going to brew a coffee and you realize you’re all out of coffee. O.k so you go to the local supermarket, hmmm strange no more coffee on the shelves. Another store….same problem, o.k off to Starbucks….interesting there’s a sign in the window that reads, “due to supply issues we regret to inform you there is no coffee available at this location”. You spend the rest of the morning trying to find some coffee. After a while you discover a small cafe with enough coffee to make a cup for you, however the owner tells you, “I’m sorry but the coffee is going to cost $15 dollars per cup. You can’t believe it….you pay the $15 and enjoy that last cup of cheap coffee because tomorrow it’s going to cost $20 and on Friday, if you find some it might run you $50!
Have you begun to understand what we are in for? If you can even find it, buy it now…..it’s VITAL FOR ANY KIND OF SECURITY IN THE FUTURE
GOLD = MONEY
December 17th, 2008 at 9:00 pm
Does anyone remember when the gov’t ordered everyone to turn over their gold as a matter of nat’l security?
Just some food for thought…
In early 1933, in order to fight severe deflation Congress and President Roosevelt implemented a series of Acts of Congress and Executive Orders which suspended the gold standard except for foreign exchange, revoked gold as universal legal tender for debts, and even banned private ownership of significant amounts of gold coin. These acts included Executive Order 6073, the Emergency Banking Act, Executive Order 6102, Executive Order 6111, the Agricultural Adjustment Act, 1933 Banking Act, House Joint Resolution 192, and later the Gold Reserve Act[2]. These actions were upheld by the US Supreme Court in the “Gold Clause Cases” in 1935[5].
December 17th, 2008 at 10:02 pm
This is no more than our country forcing gold prices up so that these Oil producing country’s HAVE to pay off there economys with gold. that way they have to help bail us out of our National Debt,and they Know this! they signed a pact With Henry Kissinger many years ago. There were 2 Oil producing countrys who would NOT sign that Pact. One was Iraq, and we know what happened to that country and it’s Leader. The other was Iran, and were hearing why there trying to conquer up any idea to give reason to invade them. Still don’t believe that? then watch the Video With Lindey Williams who worked ith those on the Board who set up the Oil prices and TOLD leaders what was going to be and what the economy was going to be doing. These “People” are known as “the New World Order” or another name is Neocons. They are all insupport for a World Government we hear so much on today. Watch this video and see for yourself. Lear the reasons why and what is happening in our world and Government is all a stage agenda. The Energy Non-Crisis
http://www.youtube.com/watch?v=NbakN7SLdbk
December 17th, 2008 at 10:45 pm
Sounds like I should be buying coffee!
December 18th, 2008 at 4:50 pm
There is a 9 trillion dollar gold bullion payout coming to indigenous Australians alone, not including the other pacific nations who are to receive payouts,On the 30th of June next year [2009] this particular fund matures. so the price of gold rises before the payout, what do think will happen afterwards to the price of gold, i don’t know, but i am guessing it will go down.
you can checkout the story at the link below.
http://www.australiamatters.com/aussiegold.html