Gold News

Rogers: Gold Prices to reach $2,000/oz in next decade

A well-known investor has suggested that Gold Prices could easily rise to $2,000 per ounce in the next ten years, the Daily Telegraph reports.

The yellow metal has been breaking its own all-time high on a regular basis in the past few weeks and pushed to a record $1,123 per ounce yesterday (November 12th).

Now Jim Rogers, chairman of Singapore-based firm Rogers Holdings, has predicted that the Gold Price rally has not yet found its summit, especially when comparing it to the peak of the previous bull run some 29 years ago.

"Just to get back to the old high back in 1980, adjusted for inflation, the price would need to be over $2,000 now," he told the newspaper.

"So we'll certainly get there some time in the next decade."

Meanwhile, Tom Pawlicki, an analyst at MF Global, also predicted last week that gold prices will move higher in the coming weeks and months.

Citing the Federal Reserve's recent decision to keep US interest rates at historic lows of between zero and 0.25 per cent, he noted that the dollar looks set to continue its struggles.

"Until Washington stops exploding the deficit, the dollar will continue to weaken and gold is going higher," he said in an interview with Bloomberg.

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