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Gold Could Hit $1,400 This Year: CEO
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The gold rally is far from over and the price of the precious metal could hit $1,400 per troy ounce by the end of the year and keep rising from there, James Turk, chairman and founder of GoldMoney, told CNBC.
"In this current run I think you're going to see 1,200 to 1,400 (dollars per troy ounce) by the end of this year, and next year I think it's going to continue," Turk said.
Investors are moving out of paper gold and into physical gold due to increased risk aversion and that's what's been driving the price higher over recent months, Turk said.
Gold [US@GC.1
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] hit a fresh record high near $1,150 an ounce Wednesday, with many analysts citing continued dollar weakness for the commodity's strength.
"If we look back to 1983 when the Dow broke out above a thousand … over the next few years the Dow Jones Industrials tripled in price. I think the same thing is possible for gold," Turk said.
Gold has been one of the best performing asset classes this decade and is only in the second stage of its bull market, he said.
"We have a long way to go before we get the speculative parabolic stage," he added.
- Watch the full interview with James Turk above.
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