Financial analyst David Rosenberg says gold could explode to $3,000 an ounce as European investors dump the ailing euro in exchange for the precious metal while JP Morgan states that bullion could face unlimited demand as panic buying ensues on the back of crumbling confidence in fiat currencies.
Rosenberg, chief economist at Gluskin Sheff, says the breakdown of the euro is extremely bullish for gold, especially in light of speculation that the ECB could be planning more quantitative easing (printing money).
“The case for gold heading to $3,000 an ounce is getting stronger by the day. The Euro has already broken below 1.30 to the U.S. dollar and there is plenty of room for additional decline going forward. It’s only at a one-year low — wait until it moves to a decade low,” (more)
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