Gold to $7,000 an ounce?
You bet, say some gold bugs.
James Turk, founder of Goldmoney.com, sees gold at $1,100 or $1,200 an ounce by year-end.
"With markets melting down, uncertainty about the safety of assets and growing concern about counterparty risk, people look to assets with safe-haven status," Turk says in a note to investors.
A longtime gold guru, Turk sees gold eventually hitting an amazing $7,000 an ounce — 10 times current levels. Gold hit well over $920 as recently as Oct. 10 but fell back to $715 by Oct. 23.
Gold topped out at $1,000 an ounce in March during the Bear Stearns disaster, could well return to that level and head toward $2,500 as investors search for safety, say some.
Longtime doomer Mark Faber puts it succinctly: "Gold will go up because everything else is in deep s--t."
Charles Oliver, manager of the Sprott Gold and Precious Minerals Fund in Toronto, has a more restrained target of $2,000 within four years. But even that is nearly triple the current price.
The yellow metal is up by nearly 60 percent during the last three years, observers note.
There are skeptics, of course.
“The idea of gold at $7,000 is about as likely as oil at $200 a barrel (remember that one?) The world needs two things to grow: Cheap money and cheap energy. It has both. All it needs now is trust,” says William Gamble, president of Emerging Market Strategies, in a note to business journalists.
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