$2000 Gold is ‘Utter Nonsense’

by | Nov 4, 2009 | Forecasting, Jim Rogers, Precious Metals

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!

Inflation is Running at 40-Year Highs!

Negative interest rates are taxing savers, creating food shortages, and making life miserable in the United States!

There's little time left before the REAL DISASTER occurs!

Download the Ultimate Reset Guide Now!

    Related Articles



    Commenting Policy:

    Some comments on this web site are automatically moderated through our Spam protection systems. Please be patient if your comment isn’t immediately available. We’re not trying to censor you, the system just wants to make sure you’re not a robot posting random spam.

    This website thrives because of its community. While we support lively debates and understand that people get excited, frustrated or angry at times, we ask that the conversation remain civil. Racism, to include any religious affiliation, will not be tolerated on this site, including the disparagement of people in the comments section.