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Gold Price Should be $2,000, Says Rogers

Release Date: 
Thursday, December 16, 2010

GOLD PRICE NEWS – The gold price hovered near unchanged at $1,379 per ounce after dropping 1% yesterday amid strength in the U.S. dollar. The price of gold continues to consolidate below $1,400 per ounce. Rising Treasury yields have weighed on the gold price in recent days as, despite remaining at extremely low nominal levels, higher interest rates are presenting a minor headwind to precious metals. Silver gained $0.20 to $29.00 Thursday morning after sliding 1.4% yesterday.

The yellow metal remains higher by 26.1% year-to-date and is on track for its tenth straight annual gain. Legendary investor Jim Rogers presented his latest gold price outlook in an interview with The Globe and Mail. Rogers reiterated his forecast for a $2,000 gold price this decade, but refused to provide a more precise timeframe.

Rogers noted that if you adjust the gold price’s previous all-time high of $850 in 1980 for inflation, the price of gold “should be over $2,000 now.” He also discussed his bullish forecasts for other commodities, including cotton and zinc, and predicted that silver “can certainly go to $50 again and probably much, much higher over the next decade.” Rogers subsequently mentioned his bearish outlook for U.S. government bonds, based on the unprecedented level of money printing being undertaken by the Federal Reserve.

Article provided by GoldAlert.com.


This article is independently provided by GoldAlert.com and does not represent the views or opinions of Goldline International, Inc. Although the information in this article 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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†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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