Midas touch: Phillip Manduca’s gold price forecasts ($1000- to $2000-?)
Interesting prediction for all you gold bugs out there:
Gold is a currency and Phillip Manduca is proving this once and over again.
He seems to have gambled his entire professional reputation on gold, reaching the $2,000 threshold by the end of 2010.
He is well worth listening to. His words are illuminated by a previous outstandingly successful record.
The high gold price seems, for the time being, to have reached a
plateau, but Manduca of Titan Investments sees a price of gold at
$1,000 a troy ounce as a distinct possibility in the near future. He
said so a few days ago.
China is now moving part of its massive dollar reserves from the dollar into the euro and gold.
I wish $2000. However, Marc Faber claims that gold is somewhere near a resistance level now and the better investment is in beaten down industrial metals. I will still be buyng gold and gold mining stocks though.
This is an interesting article:
Which talks about how the gold market is manipulated by gov’t to make the dollar appear strong against gold, to maintain dollar confidence.
I beleve that it is likely to see a new currency in central Asia appear that is gold backed. That could cause a run on the US dollar and into gold, especially if it is expected the dollar will loose reserve currency.
The writer of this article must have his head in the sand.
Quote:…The formula for a successful resolution of the world economic blizzard has by no means been spelled out yet.
The world economic situation is bad, but it is not bad for any fundamental economic reason. Unquote
Gold and silver will be ultimate coins of value. But food will be used often in bartering one commodity for another. A bushel of wheat for 5 hens or a pair of shoes. It is a brand new world that is on the horizon and there are very few that are prepared for it.