Gold News

Gold prices 'could top $2,000 per ounce'

A prominent Canadian financial expert has claimed today (February 3rd) that gold prices could soon pass the $2,000 per ounce mark as a result of a number of economic crises, Bloomberg reports.

Eric Sprott, chairman and founder of Toronto-based firm Sprott Asset Management, predicted last March that banking stocks would collapse, citing "systemic financial meltdown".

He has now explained that the US is on the verge of entering a major depression, with Treasury auctions at risk of failing and companies feeling the pinch - all to the benefit of gold.

Mr. Sprott, who manages around $4.5 billion, told the news provider: "The trend is down, and there's not one signpost that says it's changing yet. We'll stand by to wait to see those and until it does, you have to assume it gets worse."

In relation to buying gold, he added: "The investing public has started to go to that one thing that they think it's safe to invest in."

The view that the yellow metal could smash through the $2,000 per ounce barrier was also expressed in December by Citigroup, the second-largest financial institution in the US.

"We continue to believe that a move of similar percentage to that seen in the 1976-1980 bull market can be seen, which would suggest a price north of $2,000," commented chief technical strategist Tom Fitzpatrick.

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