From the Daily Reckoning Gold could reach US$2,000 an ounce this year. You wouldn't be surprised to hear that coming from us. But these aren't our words. This prediction was made on Friday by Clifford Bennett, respected chief economist at Empire Economics Australia. Bennett said: "There is risk in the second half of the year of a bit of a panic spike, if you like, as everyone thinks there isn't enough to go around and starts to hoardThat's when you'll really see gold take off towards $US2,000 an ounce."
"everyone thinks there isn't enough to go around and starts to hoard" This is happening already, with not only China and India but the Central Banks around the world all buying what they can get their hands on. I simply cannot see that changing all that much. I think there is a possibilty that gold producing nations may well begin putting an embargo on Gold exports in the near future. Including Australia i hope. OC
These are just some figures I get reading articles of late. My understanding is that there is about 1oz of gold in existence for every man, woman and child on the planet. And 0.1oz of silver. (We're talking above ground and available). That to me indicates a shortage already, given that the wealthy can and should be able to afford more than 1oz of gold and 0.1oz of silver. It's interesting to note that if the USA went back to a gold standard in 2007 (forget about all the money printed since then!), taking their gold reserves and the amount of USD in existence then, the price of gold would work out to be $34,000 per oz. Yes, I think there's a bit of a shortage ;-)
we all want yellolw at $2000,but we dont want $15000,because crime will be rampant,this nation has been disarmed, sad fact is zimbabwe priced comodities is in the bag due to uncle sams toilet paper conversion due by 2015,martin armstrong will continue to be vindicated as master of timing
I wouldn't scape goat the hoarders for gold reaching $2000 an oz. I would blame the central banks and government printing press and bank credit expansion.
Weird spike on the AUD/USD graph, think it must be a glitch because it shows over 1.11 yet price says 1.0859.
Yeah, think there was a forex data burp at goldprice last night, but the spike is still there. I'm amazed that record highs for gold in AUD and USD have hardly caused a whimper on the forum.
They were too busy buying. While I was napping a member snapped up a 1oz gold Maple for a song before I could adjust the price.
I was reading a Motley Fool article yesterday and it's quite amazing how many people there are out there who have scant regard for gold as a store of wealth. They come up with every reason under the sun as to why gold is just a commodity, it's in a bubble, it has no use, it costs money to store etc, etc. These are the same people that still think that fiat currencies are still relevant and can be managed properly, despite all the evidence to the contrary. I believe that we are witness to a once-in-a-lifetime event unfolding as we watch and gold and silver are at the centre of the whole drama. I was also listening to Ross Greenwood on 2GB yesterday and he broadcast with some incredulity that Korea had bought 25 tonnes of gold. I actually think he gets the whole PMs thing, but then he spoke to Roger Montgomery who proclaimed much the same as every other gold skeptic. Clearly he doesn't get it. Keep stacking.
Holding my breath is why GP. Acctually very early this morning I looked at it running up and had a queasy feeling. It's like the 'fear' barometer and it's contagious!
Nuh, I also listen to him occasionally and will never forget how he cut off a caller who dared talk about all world currencies were destined to fail as they're not backed by gold. These economists have no choice but to talk about gold whenever it's hitting new highs.
