Expert: Gold Heading to $1,300 This Year

Monday, 15 Mar 2010 09:21 AM

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CWA Global Markets’ Peter McGuire says gold will reach $1,300 this year...and Europe isn't out of the woods yet.

“When you look at gold,” McGuire says, “it’s rallied very strongly since this time last month … up the best part of 8 or 9 percent. “So we think there’s far more upside.”

Gold prices, he tells Bloomberg, are all all-time highs when denominated in British pounds. Gold recently traded at $1,107 an ounce at the Comex division of the New York Mercantile Exchange.

“Any metal that rises 25-30 percent year-on-year is going to go through some low,” McGuire notes. “But the trend is your friend … and if you get the timing right, over time you’re going to do very well at it.”

On the other hand, barring an unexpected geopolitical event, McGuire expects oil will remain between $70 to $80 dollars a barrel. And while the U.S. dollar is currently strong because of financial crises in Europe, McGuire says it has only one way to go long-term — down.

They’re going to continue printing money,” he observes. (Which means that) “longer-term, there’s only one way for precious metals to go, and that’s up.”

When it comes to additional crises on the other side of the pond, McGuire expects Ireland, Spain and Portugal are next in line.

“The PIIGS are going to be major concerns” throughout this year, he says.

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