Tags: gold | stocks | peter | mcguire

Experts: Gold to Soar to $1,375, Dow to Hit 12,000

Friday, 08 Jan 2010 08:14 AM

The markets could continue to climb as investors look for options in 2010, CNBC reported.

The Dow Jones Industrial Average will likely rise during the first quarter of 2010, Peter McGuire, managing director of CWA Global Markets, told CNBC.

"We think that the Dow will continue to climb. I'm sure that the Dow will probably go close to 12,000 (points) within the first 3-4 months of this year… Then I'm expecting sideways movement and I think you'll probably be range trading for the rest of the year," he said.

Other experts said the U.S. dollar could decline, CNBC reported.

The increasing volatility in the markets will weaken the U.S. dollar, said Nicki Hutley, principal economist at Access Economics.

With the printing of money worldwide, precious metals should continue to see a surge, said McGuire.

The most likely outcome is the occurrence of peak gold versus peak oil, predicts, Martin Hennecke, associate director from Tyche, CNBC reported.

Gold could go as high as $1,375 in 2010, said John Licata, chief investment strategist at Blue Phoenix.

"I think there are plenty of catalysts that have not been talked about related to gold," Licata said.

Investors may place their money into gold because of concerns of defaults from sovereign debt, he said.

Michael McCormick of Belvedere Share Managers told CNBC that Newcrest Mining and Lihir Gold are two gold stocks that he recommends.

Wong Eng Soon, an investment analyst at Phillip Futures Pte Ltd, said he remains a fan of investing in gold, Reuters reported.

“I'm quite optimistic on gold because ... although there are expectations that the Fed will be raising rates, the wording from the Fed's statement hasn't been changed yet, meaning that they'll still keep rates low (for the time being). I think gold will be quite well supported.”

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The markets could continue to climb as investors look for options in 2010, CNBC reported. The Dow Jones Industrial Average will likely rise during the first quarter of 2010, Peter McGuire, managing director of CWA Global Markets, told CNBC. We think that the Dow will...
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2010-14-08
Friday, 08 Jan 2010 08:14 AM
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