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Noted Author Sees Gold At $7000 An Ounce In Five Years
Posted March 25th, 2014
Los Angeles CA, Mar 25 (Tangible Investments) - by James O’Dell - Gold bullion prices rebounded from a one month low in overnight trade after easing sharply on Monday, when the yellow metal dipped $25.19 or 1.89 percent to close at $1,308.99 an ounce as buying interest from China dwindled on a weaker yuan while cautious investors watched developments in the Ukraine crisis. The price of Silver retreated $0.41 or 2.02 percent to close at $19.89 an ounce.
James Rickards, of Tangent Capital Partners and author of the upcoming book, "The Death of Money," isn't worried that gold hit recent lows on Monday because fundamentals will push gold higher, he told Yahoo. Gold will benefit from a "collapse of confidence in paper currencies," says Rickards. "The international monetary system has actually collapsed three times in the past 100 years: 1914, 1939, and 1971. So these things do happen," he said recently on Kitco News.
With the S&P 500 less than 2 percent from record highs, he adds, "This looks like another asset bubble," and he expects the stock market to crash with investors turning to gold. Rickards believes that the gold price will also be boosted by a lack of supply of physical gold and that in the next three to five years the precious metal could rise to between $7,000 and $9,000 an ounce.
"One of the reasons gold did so poorly in 2013 was because 500 tons were taken from [the gold ETF] GLD warehouse by authorized dealers and dumped on the market," he says. Rickards claims that most of that gold was shipped to China and it is "not going to see the light of day for 300 years." The central bank probably doesn't focus much on gold, says Rickards. "Does [Fed Chair] Janet Yellen wake up in the morning and look at the price of gold first thing? Maybe she should. She probably doesn’t.”
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