Gold Prices 'may reach $5,000 per oz' in the long term

The head of a company which offers online investor education has suggested today (March 5th) that Gold Prices could hit $5,000 per ounce in the "next few years".

Paul A Drockton, president of MoneyTeachers.org, has described how the volume of interest in his company's Gold Investment products in recent times has left him "astonished".

Furthermore, he explained that he is not ruling out the possibility of hyperinflation, a situation which has forced him to reassess his claim last year that gold could go to $2,000 per ounce.

He said: "I was afraid of creating a panic with my clients, so I kept the projections very conservative. I really wanted to say that they would see $5,000 per ounce in the next few years."

Although most bullish commentators would arguably express doubt about Mr. Drockton's prediction, he found support recently from Jeffrey Nichols, head of American Precious Metals Advisors.

"Most people would say I'm nuts, but I think we are going to see gold over $2,500 per ounce before we're done," he told Mineweb.

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