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Gold to go to $3000, Analyst Predicts!
GOLD is going to go to $3,000/oz as more geo-political problems arise and US investors start to take interest in the yellow metal, forecasts Gold Anti-trust Action Committee (GATA) chairperson, Bill Murphy.
“Even though we’re at $620/oz now we expect it to go to $3,000/oz… there has been no real interest from the people in the US yet as the stock market there is still fine.
“We believe that with the other problems that are going to surface, the US deficit problems and the dollar, gold is going to be the place to be… the fireworks are just beginning,” said Murphy.
He was speaking on the week nightly business show, the Moneyweb Power Hour, broadcast on Radio 2000.
The fireworks are just beginning.
He was commenting on the recent plunge in the gold price from 25-year highs. The gold price climbed as high as $644/oz in early morning trade on Thursday but later plunged back down to $610/oz. Murphy described this as a “healthy correction”.
“This correction won’t last too long… It’s expected. It’s healthy. I think we’ll be back up again in the near future.”
Unlike many gold analysts Murphy believes that this current gold market is not speculative, as open interest in the gold price has not gone up as it has done in the past.
Gold has rebounded today to $630/oz.
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