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Gold Will Hit $2,000 on 'Confetti Paper' Fears: Strategist
Topics:Currencies | Federal Reserve | Central Banks | European Central Bank | Inflation | Market Outlook | Gold & Precious Metals | Commodities | London | Britain
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Gold is the safest asset to buy in these times as, despite reassurance from central banks, inflation is likely to crop up again next year or in 2011, Philip Manduca, investment manager at ECU Group, told CNBC Thursday.
Monetary authorities have printed so much money that price rises in the future are inevitable, he said.
"You've got a lot of confetti paper fears out there… as a consequence, you've just got to be bullish on gold even at these levels," Manduca said.
Gold was trading around $936 an ounce on Thursday, nearly unchanged from Wednesday.
"It's going to go to $2,000 next year," Manduca said. "In the currencies and the companies, you've got political and corporate risk, go buy the pure asset."
© 2009 CNBC.com
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