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Fund manager sees gold's value at $10k per troy ounce

Release Date: 
Wednesday, November 3, 2010

Fund manager sees gold's value at $10k per troy ounce

Nov. 3, 2010

A man who oversees a $330 million gold portfolio at the Teacher Retirement System of Texas believes gold prices ultimately will reach $10,000 per troy ounce - more than seven times its present value.

Shayne McGuire, author of "Hard Money", has a record of success, according to the Wall Street Journal. He and a colleague convinced the $100 billion Texas fund to consider gold. At the time, gold was trading at about $650, less than half of what it's presently worth.

Thus far, the fund McGuire oversees has increased 25 percent since it began one year ago. When the fiscal year ended in June, the fund had increased nearly 16 percent.

McGuire can give credit to uncertainty. Thanks to questions about currencies, inflation fears and central bank remedies in the form of asset purchases, gold has very steadily increased in price.

His book argues the $10,000 per troy ounce price is within reach if fellow pension funds and investors stimulate buying by converting as little as 1 percent of total global stocks and bonds to gold.

This news article is independently provided by Brafton and does not represent the views or opinions of Goldline International, Inc. Although the information in this news alert has been obtained from sources believed to be reliable, Goldline does not guarĀ­antee its accuracy and such information may be incomplete or condensed. The opinions expressed are subject to change without notice.

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†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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