Gold
futures have once again surged to a new record high, with experts
across the board forecasting that gold's bull run has a long
way to go.
Prices soared to an all time high of $1,309.20
per ounce on the Comex in New York, marking the eighth time
in two weeks that gold has set a new record.
Futures for the yellow metal are now up by an incredible 19
percent this year, putting it on course for a 10th consecutive
year gain, the longest surge the metal has seen for some 90
years.
Gold still has the potential to make more huge gains, as highlighted
by the fact that today's prices are still way off all time highs,
recorded in 1980, of close to $2,185 an ounce measured in dollars
adjusted for inflation.
“People are buying every dip in gold,” Leonard
Kaplan, the president of Prospector Asset Management in Evanston,
Illinois told
Bloomberg News. “The trend isn’t going
to change until interest rates rise.”
A poll of bankers, producers and analysts attending the London
Bullion Market Association conference in Berlin,
the biggest gathering of the precious metal’s industry,
also indicates that the industry is expecting an even further
surge in prices.
Meanwhile, notorious hedge fund director John
Paulson has stated that he expects gold to hit
$2,400, adding that it would be no surprise to him to see the
yellow metal surge as high as a whopping $4,000 per ounce.
Paulson made the comments at a speech at the University
Club in New York City, explaining that his conclusion is drawn
from the fact that the Federal Reserve plans to continue stimulating
inflation through quantitative easing.
Paulson added that he expects gold to repeat the
surge it made in 1980, when the price rose by 100% more than
the correlation to the dollar.
Paulson told the audience that a massive 80% of
his total assets are now held in gold, indicating where he believes
fiat paper currencies are headed.
The ever increasing U.S. trade deficit, which
has soared by 60 percent under the Obama administration, coupled
with federal budget deficits exceeding $1 trillion a year and
the flooding of the market with paper assets, has resulted in
the continued
demand for gold.
Paulson's analysis, though considered bullish
by the likes of the blonde bimbo brigade on CNBC, is conservative
in relation to Omnis senior managing director James Rickards’
recent forecast that the precious metal will soar to anything
up to $11,000 in the aftermath of a dollar collapse.
As Jim Rickards explained during a recent CNBC
interview, forecasts for gold to hit $5,000 an ounce are entirely
realistic, given the fact that if the gold standard is reintroduced,
it will have to be set at an accurate inflationary level against
the dollar:
Further
news today that Chinese gold demand is expected
to show at least single digit percent growth this year due to
the easing of restrictions on China's gold imports, also signals
that there are still huge gains to be made for gold. A gap between
supply and demand that already exists is set to widen even further,
pushing up prices.
Silver also hit its highest price since 1980 today with futures
briefly rising to $21.685 before settling at $21.655, a jump
of 18.4 cents, or 0.9 percent.
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Relations from the School of Politics at The University of Nottingham
in England.
Gold
futures have once again surged to a new record high, with experts
across the board forecasting that gold's bull run has a long
way to go.