GOLD COULD ROCKET TO $3,000: TOP MANAGER

by Goldline.com | November 14, 2011

Gold prices are lower Monday on a stronger U.S. dollar after former European Central Bank’s -vice president Mario Monti was tasked with establishing a new Italian government. While investors are hopeful a new government can successfully implement austerity measures in Italy, concerns remain over Greece, which is prompting a flight to the U.S. dollar. "Although the political uncertainty in Europe has eased a little with the latest developments in Italy and Greece, the sovereign debt crisis seems far from resolved on a lasting basis," said Commerzbank, according to The Street. "Gold should therefore remain well supported." (The Street, 11/14/11)

Stocks are lower as investors digest the latest leadership transitions in Greece and Italy and the potential impact of those changes on the European debt crisis. "Europeans delivered the necessary policy response to avert a meltdown," said Marc Chandler, global head of currency strategy at Brown Brothers Harriman to CNN Money. "But, for sure, this is unlikely to be a silver bullet and many questions still remain." (CNN Money, 11/14/11)

According to Citywire, top-rated fund manager John Hathaway says gold prices may rocket to $3,000 an ounce as a result of efforts to stimulate the U.S. and the Eurozone economies. The reason, said Hathaway, is that leaders on both sides of the Atlantic will probably respond by printing more money. Such a response, in Hathaway’s opinion, will push gold “well above $2000 and maybe even $3000.” (Citywire, 11/14/11)

†This material has been prepared for private use. Although the information in this commentary has been obtained from sources believed to be reliable, Goldline does not guarantee its accuracy and such information may be incomplete or condensed. The opinions expressed are subject to change without notice.

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