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Roubini Says Rogers’s Forecast of $2,000 Gold ‘Utter Nonsense’

Posted By admin On November 4, 2009 @ 10:47 am In Money Watch | Comments Disabled

Asjylyn Loder
Bloomberg News [1]
Wednesday, November 4, 2009

Nov. 4 (Bloomberg) — Nouriel Roubini, the economist who predicted the global economic crisis, said a forecast by investor Jim Rogers that gold will double to at least $2,000 an ounce is “utter nonsense.”

There is no inflation or “near-depression” to drive gold prices that high, Roubini said today at the Inside Commodities Conference in New York. If a severe depression came to pass, with investors buying canned goods and hiding out in log cabins, “maybe you want some gold in that scenario,” Roubini said.

“Maybe it will reach $1,100 or so but $1,500 or $2,000 is nonsense,” Roubini said. Gold rose to a record $1,096.20 today on the New York Mercantile Exchange’s Comex division on speculation that central banks and investors will purchase the metal to hedge against a declining dollar.

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Roubini Says Rogers’s Forecast of $2,000 Gold ‘Utter Nonsense’  071009banner3 [2]

Rogers, who predicted the start of the commodities rally in 1999, said in an interview on Bloomberg Television today that Roubini is wrong about the threat of bubbles in gold and emerging-markets stocks. The price of gold will double in the next decade, he said.

In his New York speech, Roubini repeated his assertion that asset prices have risen “too much, too soon, too fast.” He’s a New York University professor and chairman of New York research and advisory firm Roubini Global Economics.

Full story here. [1]


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URLs in this post:

[1] Bloomberg News: http://www.bloomberg.com/apps/news?pid=20601087&sid=aOfwpkHV2clM&pos=5

[2] Image: http://www.efoodsdirect.com/gmoPeople.html?aid=14&adid=12

[3] Gold heading to $2000 as predicted by Jim Rogers?: http://www.prisonplanet.com/gold-heading-to-2000-as-predicted-by-jim-rogers.html

[4] Roubini Blasts “The Barbarous Relic,” Recommends Spam Over Gold: http://www.prisonplanet.com/roubini-blasts-the-barbarous-relic-recommends-spam-over-gold.html

[5] Jim Rogers wary of buying gold at new high: http://www.prisonplanet.com/jim-rogers-wary-of-buying-gold-at-new-high.html

[6] Buy gold, not miners: Jim Rogers: http://www.prisonplanet.com/buy-gold-not-miners-jim-rogers.html

[7] Roubini Joins Faber and Rogers in Saying Bubble in Treasuries Will Likely Burst: http://www.prisonplanet.com/roubini-joins-faber-and-rogers-in-saying-bubble-in-treasuries-will-likely-burst.html

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