Tuesday, June 1, 2010

Gold At 1600?

A trader at Deutche Bank, which was bearish on gold, has said on CNBC that gold will go to $1,600 by 2012:
Michael Blumenroth, a precious metal trader at Deutsche Bank, said on CNBC that the price of gold will continue its bullish trend, and it will eventually peak at $1,600 in 2012.

He explained that Deutsche Bank's research team was at first bearish on gold, because they thought that this bull market in gold will be over soon, but after the problems in the euro-zone they changed their opinion. Now, Deutsche Bank believes that gold will continue to be a safe heaven.
He also made it clear that Deutsche Bank does not recommend any higher holding than the standard 5-10% of portfolio for insurance purposes.

On the wilder side, a guest on CNBC last Wednesday said that it's conceivable that gold could go to $36,000/oz.
Gold has reached record highs in recent weeks, but it will continue to rise, Ben Davies, CEO of Hinde Capital told CNBC Wednesday....

I could be really obtuse and say $36,000,” he said. “But actually it’s not as ridiculous as it might sound.”

If all the reported Fort Knox gold was re-valued at $36,000 per ounce, it would pay off all the debt in the US, he said....

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