Gold News

Gold Prices 'can hit $2,000/oz' in next decade

The head of Etruscan Resources has claimed that Gold Prices could almost double from current levels in the longer term, the Chronicle Herald reports.

Gold bugs have been celebrating so far this month as the yellow metal finally broke resistance at the $1,000-per-ounce level and pushed towards $1,100 per ounce.

Now Gerald McConnell, president and chief executive of the diversified Canadian mining company, has explained that significant gains are possible in the next decade.

He told the news provider: "A prediction of $2,000 per ounce within the next ten years does not sound far-fetched. Some experts are predicting more significant increases."

Those comments were strongly corroborated last week by Dan Greenhaus, chief economic strategist at New York-based brokerage firm Miller Tabak.

He explained that investment demand will send prices higher, regardless of whether inflation - against which gold is bought as a hedge - returns with a vengeance or not.

"Gold is a forecaster of inflation instead of a coincident indicator," he said in an interview with Bloomberg.

"There's nothing right now that says inflation will break out to all-time highs. But Gold Prices can move considerably higher from here. Should growth return, inflation will return."

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