Tags: gold | dollar | mcguire

Yes, He Said It: Texas Fund Guru Sees $10,000 Gold

Monday, 01 Nov 2010 11:58 AM

His name is Shayne McGuire, and he sees no reason for gold to double or triple or anything so pedestrian as that.

No, McGuire see gold going to $10,000 an ounce as the dollar gets killed in a flight to quality.

A pension fund manager for the Texas Retirement System, McGuire doesn't believe that gold at seven times the current price would be shocking at all.

In fact, he told The Wall Street Journal, gold that high would be "normal."

Doubt him? You probably would have doubted him before. And you would have been wrong.

From the Wall Street Journal:

Mr. McGuire was early to the gold trade. In 2007, he and a colleague persuaded the $100 billion Texas fund, the nation's eighth largest, to move into the metal. It was a novel strategy that made it one of the few large U.S. pension funds to have a fund solely devoted to gold.
 
At the time, gold was trading at around $650, less than half its current price.
  
Read the whole story here


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His name is Shayne McGuire, and he sees no reason for gold to double or triple or anything so pedestrian as that. No, McGuire see gold going to $10,000 an ounce as the dollar gets killed in a flight to quality. A pension fund manager for the Texas Retirement System,...
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2010-58-01
Monday, 01 Nov 2010 11:58 AM
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