Gold News

Rogers sees Gold Prices at $2,000 in next decade

Renowned investment guru Jim Rogers believes Gold Prices can hit $2,000 per ounce within the next decade, Commodity Online reports today (December 10th).

Mr Rogers, who has set up a dollar-based total return index in Singapore, admitted that he bought some greenback units recently as he was anticipating its current mini-rally.

However, he noted that it will struggle in the longer term as the US' huge fiscal debt begins to unwind - a situation which will benefit gold, with which it shares an inverse relationship.

"The collapsing US dollar is putting the global economy into a deeper crisis," he said at the recent Reuters Investment 2010 Outlook Summit, according to the news provider.

"Deficits are going berserk nearly everywhere. Throughout history, printing money has led to weaker currencies and higher prices for real assets," he also noted recently.

A similarly optimistic assessment was provided last week by Andrew Montano, a director at Toronto-based bullion dealer ScotiaMocatta.

Speaking to Reuters, he noted that the recent surge to a number of record-breaking Gold Prices has been heavily influenced by ever-growing demand for physical investment.

"Physical gold continues to be piling up in vaults. There is a lot of metal built up in vaults owned by exchange-traded funds as well as private funds," he told the news provider.

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