Tags: evans | pritchard | gold | price

Evans-Pritchard: Gold Could Hit $3,000

By    |   Wednesday, 26 May 2010 11:54 AM

The global debt crisis could send gold up to $3,000 an ounce, says Ambrose Evans-Pritchard, international business editor of London’s Daily Telegraph.

Evans-Pritchard warned early on of the looming collapse in credit and the subsequent financial crisis and multiple global recessions. His entire interview will appear in the July issue of Financial Intelligence Report.

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“I have always liked gold,” Evans-Pritchard told Newsmax.TV Money.

“I liked it a lot when it was $260 an ounce eight to nine years ago, but now it is over $1,200 an ounce.”

Gold’s sharp rise doesn’t make Evans-Pritchard worry about the precious metal but rather about what has caused its surge.

“Clearly there are concerns, deep concerns, the kind that you have never seen before in recent history.”

“The government could go bankrupt. The states could go bankrupt,” Evans-Pritchard warned.

Evans-Pritchard sees a lot of upside as the banking crisis morphs into a full-blow fiscal crisis across Europe and the rest of the world.

“The gold price could go a lot further still. It wouldn’t surprise me if it was $2,000 or $3,000 an ounce,” he said.

Driving the price is simple demand from investors around the world, Evans-Pritchard says.

“We know, for example, that German investors are buying gold at an incredible pace, and they want the actual gold bars.”

The Germans are ordering gold bars from Africa at a price 10 times what they were paying just a few months ago, Evans-Pritchard warns.

If the euro plunges, as much as some experts expect, “obviously gold could just go bananas,” he said.

Evans-Pritchard is bullish on oil, too.

“I think we are slowly running out of cheap oil, and part of it is the China effect.”

The emerging markets of Asia are huge consumers of oil, he points out, a trend that can only continue as the developing world continues its drive to industrialize.

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The global debt crisis could send gold up to $3,000 an ounce, says Ambrose Evans-Pritchard, international business editor of London s Daily Telegraph. Evans-Pritchard warned early on of the looming collapse in credit and the subsequent financial crisis and multiple global...
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Wednesday, 26 May 2010 11:54 AM
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