A guest on CNBC this morning predicted that Gold was ready to go through the roof. The 20 to 25 year unwinding of the credit boom has led Hans Goetti, Chief Investment Officer of LGT Bank in Liechtenstein, is saying that there could be a move to $3,000.00 per ounce of gold. His guess is that gold could head to to $2,000 or $3,000…..
We just outlined over the weekend about how and why the $1,000 per ounce today is completely different than the $1,000 gold a year ago.
Just yesterday we also highlighted how the largest gold ETF, the SPDR Gold Trust (NYSE: GLD) has also now amassed some $30 billion in assets. Lord only knows how much might be in there if gold were triple between the value of the holdings and the added inflows of capital into that.
We have seen many calls for this flight to safety, but $3,000…. This guest’s call is based upon hard assets being sought at a time that paper money will be foregone for assets which preserve wealth. The key is “against what?” because that dollar and paper money are not going to be what they were. this call is either going to prove to be genius or just another nut job making end of the world predictions. Here is a link to his synopsis.
Jon C. Ogg
February 24, 2009
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