Gold Prices to reach $2,000 in 2010

Gold Prices will climb to $2,000 per ounce possibly as soon as the end of this year, a reputed expert has told Bloomberg.

Bob McEwen, chief executive of gold exploration companies US Gold Corporation and Minera Andes, told the news provider that the value of the metal would be driven by increasing debt levels among western governments.

He also suggested that the printing of money to solve "the political problems we have today" and subsequent debasement of currencies would also drive up Gold Prices.

However, Mr McEwen did suggest that growth could be subdued in the short term as investors move into the dollar seeking refuge from the euro because precious metal prices are quoted in dollars.

Gold Bullion grew in value by 24 per cent last year and a number of analysts have predicted further growth in 2010, particularly in China.

Commenting on the World Gold Council's recent forecast that the country would see its demand for Gold Investment double in the next decade, Albert Cheng, the council's Far East managing director, told Reuters that growth is based on "wealth accumulation by the Chinese population".

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