Tags: Lutts | Gold | 3 | 000

Money Manager Lutts: Gold Could Hit $3,000 in Two Years

By    |   Thursday, 29 Sep 2011 08:27 AM

While some investment experts say gold’s rally is over, Rob Lutts, president of Cabot Money Management, disagrees. He even claims the precious metal could soar to $3,000 in two years.

“All along the bullish move there have been doubters,” he tells Yahoo.

“Gold is currency — for 2,000 years it has been money. When currencies like the U.S. dollar get attacked by central banks like they have, people turn to real money that has been around for 2,000 years.”
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Gold reached a record high above $1,900 last month, before retreating to $1,650 in recent trading.

The precious metal’s supply has grown little over the years, while demand is expanding. Growing wealth in Asia has helped spark gold demand there, Lutts says.

“Asians love to invest in gold. They’ve been doing it aggressively over the last three to four years, and I think they will continue.”

Lutts sees three phases to gold’s bull market: denial, acceptance, and love affair. We’re now in acceptance phase, he says.

“We’re not in a love affair yet. We will get there when institutions finally come on board.”

So how high can gold fly? “I see $2,000 to $3,000 very easy in the next two to four years,” Lutts says.

But some investors aren’t sure what to make of gold now. “Momentum is lacking as investors adopt a seemingly cautious attitude . . . after last week’s abrupt price fall,” Marc Ground, an analyst at Standard Bank, writes in a report obtained by Bloomberg.

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While some investment experts say gold s rally is over, Rob Lutts, president of Cabot Money Management, disagrees. He even claims the precious metal could soar to $3,000 in two years. All along the bullish move there have been doubters, he tells Yahoo. Gold is...
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Thursday, 29 Sep 2011 08:27 AM
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