Wow: Gold Going to $5,000

Jun 14, 2011
J. Webster
Comments Off on Wow: Gold Going to $5,000

I’ve heard gold is going to go to $2,000 by the end of the year, what with countries like China buying more gold than ever as currencies like the U.S. dollar lose value with all the printing of money by the federal reserve. But this seems insane, gold going to $5,000 in the next few years. Why? There’s just not much gold left in the world and few mines. Just wow:

“In exhaustive report by Standard Chartered predicts that gold will more than triple to $5,000 an ounce because of a lack of supply, not just because of a surge in demand that most bullion bugs cite in their bullish calls.

There are very few large gold mines set to commence operation in the next five years,” said Standard’s analyst Yan Chen in a report Monday. “The limited new supply comes at a time when central banks have turned from being net sellers to significant net buyers of gold. The result, in our view, will be a gold market in deficit, even assuming flat growth in demand. With the supply-demand balance so out of kilter, we see the gold price potentially going to US$5,000/oz.”

I guess it’s time to get your pan and pickaxe and head up to Alaska to mine gold. Don’t worry about your home or mortgage, just walk away, everyone’s doing it. With Gold headed to $5K it’s time to find the glory hole. The gold rush is on! There was a water fall over here somewhere in million years ago. That’s where the gold is hidden, we just need to find it and dig it out. Easy as pie. We’ll all be rich, rich, rich.

Source: CNBC

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