Tags: Curry | gold | 5000 | speculation

BofA’s Curry: Gold Could Hit $5,000 in 2 Years

By Dan Weil   |   Friday, 14 Dec 2012 08:35 AM

Gold’s 12-year rally still has legs, and the precious metal should reach $3,000 to $5,000 an ounce within the next two to three years, says MacNeil Curry, chief rates and currency technical strategist at Bank of America Merrill Lynch.

It’s really just a matter of market dynamics that will push gold there, he tells CNBC.

There are three phases in a long-term commodity bull market, Curry says. The first is accumulation, the second is increasing public participation and awareness and the third is excess or speculation.

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The third phase hasn’t hit yet, Curry says. “We need to see that phase transpire, and that takes us up significantly higher from where we’ve gone so far.”

Gold will rise to $3,000 to $5,000 when the third gear finally kicks in, pushing prices “significantly higher than most people expect,” Curry says.

Spot gold traded at $1,694.20 late Thursday. A move to $5,000 would represent an almost three-fold jump from that level.

Euro Pacific Capital CEO Peter Schiff also sees gold soaring to $3,000 to $5,000, or maybe even higher. But where Curry emphasizes technicals, Schiff focuses on fundamentals, particularly the Federal Reserve’s easing.

“How much money are we going to print?” he asks rhetorically in an interview with Yahoo. “How long are we going to try to keep interest rates artificially low? How long is it going to take before the world realizes that we’ve been conning them?”

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