Gold To Hit $1,400 By Late 2009?

Thu, 5 Mar 2009

U.S. government plans to spend more than $11.6 trillion to revive the economy are going to accelerate the pace of inflation and send raw-material prices surging, said Michael Pento, the chief economist at Delta Global Advisors who correctly predicted last years commodity collapse.

The government has created a massive increase in the monetary base, and it means we are entering a massive inflation cycle, Pento said in a telephone interview from Holmdel, New Jersey. Inflation will be intractable. All of these commodities will start to act as an alternative to currency and start to pick up. Gold should be the primary investment, and energy and base metals should be secondary.

Gold may jump as much as 54 percent to between $1,250 and $1,400 an ounce by late 2009 or early 2010, Pento said. Copper will surge 77 percent to $3 a pound, he said.

Category:

News & Politics

Tags:

• stagflation
• inflation
• stagnation
• deflation
• depression
• recession
• economy
• financial
• GDP
• CPI
• economics
• gold
• oil
• dollar
• Federal
• Reserve
• stimulus
• commodity

[nottinmatterz2day]

Didnt happen. Hitting 1400 by late 2010

[ANTIDALLARD]

@bonfirejovi Eh ? Early ? Late you mean?

[bonfirejovi]

@ANTIDALLARD He is early and it is 1366 now so...

[ANTIDALLARD]

late 2009 ? Never happened huh?

[gvarhelyi]

Yes I've already bought gold in the past and am holding on to it hopefully for the long term.

[be1still]

Well its now Almost FEB 2010, and his prediction of late 09 or early 2010 very well may be right on. I hope you were smart enough to buy back then, because I'm buying now....we'll be thankful we did when the prices go so high, that hardly anyone is able to buy an ounce or more.

[zardcat1111]

It was headed to that amount until a fake report on unemployment rising was released just a few days ago sending gold down.

[gvarhelyi]

At this stage this price looks unlikely to happen, but it still could happen. We are already on the last day of Sept and gold has plummeted due to manipulation. Current gold price is $991.60 and has been going sideways - they reckon for a few months still. Unless it soars in Dec, we'll see what happens?