Saturday, February 27, 2010

Fossella: Gold Can Surge to $1,500 This Year

Gold could hit reach $1,500 an ounce by year-end, says Former Republican Rep. Vito Fossella, chief operating officer of Superfund Investment Group, a global money management firm.

A weaker dollar and the huge U.S. debt burden will fuel the rise, the former congressman told Newsmax.TV.

“As a U.S. citizen, I’d love to see the dollar be as strong as it can be. But excessive debt incurred by the government has caused long-term punishment for the dollar,” said Fossella, who represented New York's 13th Congressional district in the U.S. House of Representatives for 12 years, serving as the lone Republican from New York City. (more)

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