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Gold Heading Above $2,000 by End of 2010: Strategist
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The price of gold will spike above $2,000 an ounce before the end of 2010 because of rising inflation, currency devaluation and the risk of a massive debt-bust spurs buying of the precious metal, Philip Manduca, head of investment at ECU Group, told CNBC.
“I’ve forecast that gold will go beyond $2,000 before 2010 is out and I still believe that very much,” Manduca said.
“Based on risks of inflation, because it’s the only way we’re going to get out of the debt problem, currency debasement and devaluation, because it’s the only way we’re going to get out of the debt problem, and of course the potential for a massive debt bust,” he said.
Gold prices could fall in the next two or three months, back to the $750 to $850 level, Manduca said.
The dominant emotions of “greed and need” mean that gold could see some “speculative liquidation in what is a crowded trade.”
Manduca also said that many investors fear the IMF is going to raise money via gold sales and that could keep a lid on the gold price.
He recommends buying the dip if gold does fall to that level from its current mark above $885.
—Watch the full interview with Philip Manduca above.
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