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Gold Could Hit $1300 in Next Few Days: Strategist

Friday, 11 Jun 2010 | 10:18 AM ET

Gold prices closed below $1,225an ounce on Thursday as stocks rose and the euro climbed against the dollar. How should investors be trading the precious metal? Rich Ilczyszyn, senior market strategist at Lind-Waldock and Torsten Slok, senior economist at Deutsche Bank discussed their insights.

Gold's Hidden Message
Gold is trading near record highs, with Rich Ilczyszyn, Lind-Waldock and Torsten Slok, Deutsche Bank.

Slok said rising gold prices imply that the U.S. economy is still fragile.

“The U.S. economy is hit by a double whammy—the fiscal consolidation globally could shave a full percentage point off GDP growth in the U.S.," Slok told CNBC.

"And at the same time, the dollar appreciating is something that could take off about a half a percentage point,” he added.

In the meantime, Ilczyszyn said he is bullish on gold in the long term, saying it could hit $1,300 an ounce in the next few days.

“Ultimately, we’re going to see higher prices, regardless of where the dollar and inflation are… but if we can’t get above $1,250, then we’re selling off,” he said.

Scorecards—What They Said:

  • Ilczyszyn's Previous Appearance on CNBC (May 12, 2010)
  • Slok's Previous Appearance on CNBC (May 27, 2010)

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Opposing Opinions on Gold:

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CNBC Data Pages:

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CNBC Slideshows:

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Top Gold Miners:

AngloGold Ashanti

Newmont Mining

Barrick Gold

Gold Fields

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Disclosures:

No immediate information was available for Ilczyszyn or Slok.

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Disclaimer

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