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Virgin Gold Admin Department

Gold Prices May Zoom to $3K in 5 Years

Gold price may more than double to $3,000 (£2,080) per ounce over the next five years, claim fund managers, citing record inflows into the yellow metal this week. The inflow resulted after speculations that American, British and other Governments had intentions to inflate their way in a bid to lower excessive debt to some extent.

Notably, spending cuts and higher tax are being imposed by heavily indebted governments throughout the developed world to fill deficits of black-hole dimensions in public finances. Both are expected in Britain's June 22 emergency Budget as well. But another option to reduce the real value of debt, feel economists, is by keeping interest rates lower than inflation and letting the currency take the strain. However, not many politicians are in its favor.

Bringing down the purchasing power of money only robs the people of their savings, but cuts on spending leads to inflation, which tends to hit older people hardest and the young have to battle unemployment.

Graham French, Manager of the M & G Global Basics Fund, said: "In a scenario of rising sovereign risk, where government finances are hugely overstretched and central banks have been systematically devaluing paper money, gold's value as a safe haven and a stable physical currency can only increase over the medium term”.

Against this backdrop, the gold price could go much higher than these already elevated levels. It wouldn't be too farfetched to see it rising above $2,000, or even up to $3,000, Graham asserts.

Source : http://topnews.us/content/220415-gold-prices-may-zoom-3k-5-years