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    $2000 Gold is ‘Utter Nonsense’

    Mac Slavo
    November 4th, 2009
    SHTFplan.com
    Comments Off
    Read by 93 people

    Well known economist and NYU professor Nouriel Roubini and legendary investor Jim Rogers had words, albeit through intermediaries in the media, regarding gold and the economy.

    It seems that Jim Rogers started the most recent round in the feud, as described in the Bloomberg article Rogers Says Roubini Is Wrong on Bubbles as Gold, Stocks Rally.

    Jim Rogers, the investor who predicted the start of the commodities rally in 1999, said that Nouriel Roubini is wrong about the threat of bubbles in gold and emerging-market stocks.

    Many commodities are still down from record highs and equity markets aren’t on the brink of collapse, Rogers, chairman of Singapore-based Rogers Holdings, said in an interview on Bloomberg Television today. The price of gold will double to at least $2,000 an ounce in the next decade, he said.

    “What bubble?” Rogers said, when asked if he agreed with Roubini’s view. “It’s clear Mr. Roubini hasn’t done his homework, yet again.”

    [Click Here to Watch the Video In Your Default Player]
    [Watch the Video in Bloomber's Player]

    Roubini quickly responded to Rogers:

    There is no inflation or “near-depression” to drive gold prices that high, Roubini said today at the Inside Commodities Conference in New York. If a severe depression came to pass, with investors buying canned goods and hiding out in log cabins, “maybe you want some gold in that scenario,” Roubini said.

    “Maybe it will reach $1,100 or so but $1,500 or $2,000 is nonsense,” Roubini said. Gold rose to a record $1,098.50 today in New York on speculation that central banks and investors will purchase the metal to hedge against a declining dollar.

    Hat tip to Zero Hedge for bringing this story to light. For further discussion on this topic, visit the Zero Hedge post and follow the user comments.

    Here at SHTFplan.com, we are pretty confident that gold is going to continue to rise, not necessarily because of inflation, but because gold is turning into the global safe haven asset, as investors world-wide look for some way to preserve their wealth. Gold at $2000? We say yes, and suggest that gold will go ever higher. It is still 50% off its all-time high in real terms as we discussed in BOOM: Dow Jones Hits New High of 7500!

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    Author: Mac Slavo
    Views: Read by 93 people
    Date: November 4th, 2009
    Website: www.SHTFplan.com

    Copyright Information: Copyright SHTFplan and Mac Slavo. This content may be freely reproduced in full or in part in digital form with full attribution to the author and a link to www.shtfplan.com. Please contact us for permission to reproduce this content in other media formats.

     

     
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