Arnold Bock recently wrote an article on this site suggesting that gold would go to $10,000 by 2012 giving a host of sound reasons why that would be the case. It took the internet by storm with extremely high readership. My first reaction was "Who in their right mind would even suggest that gold will eventually reach $2,500, let alone $5,000 or even $10,000?" Well, believe it or not, Bock is not the first respected mind to come to the same conclusion. Actually, the list is rather long so in this article I will relate the reasons why just 10 such analysts hold these views.
- Peter Schiff:
As President & Chief Global Strategist of Euro Pacific Capital, Schiff correctly called the current bear market before it began. As a result of his accurate forecasts on the U.S. stock market, economy, real estate, the mortgage meltdown, credit crunch, subprime debacle, commodities, gold and the dollar, he is becoming increasingly more renowned.
He recently was reported in Business Week as saying that "People are afraid of the debasement of all the currencies. What's surprising is that gold is still as low as it is ... Gold could reach $5,000 to $10,000 per ounce in the next 5 to 10 years.” (more)
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