Citigroup Sees Gold at $3,500/oz; Silver Jumping to $100/oz

[GoldCompany]

Respected Citigroup strategist Tom Fitzpatrick said in a telephone interview from New York with Bloomberg that gold and silver should surge in the coming years as the precious metals continue to benefit from the easy monetary policies adopted by central banks.

Fitzpatrick, who has a good track record, said that gold has put in a low for the year and will rise to about $1,500-$1,525/oz this year. A gain of over 6.3% from todays prices.

He said that silver is in a strong uptrend and will likely outperform gold as the gold silver ratio will drop from its current level at 58.1.

Separately, in an interview with King World News Eric King, Fitzpatrick elaborated on why he believes gold could reach $US3,500:

So we believe we are back into that track where gold is the hard currency of choice, and we expect for this trend to accelerate going forward. We still believe that in the next couple of years we will be looking at a gold price of around $US3,500.

As the gold/silver ratio plummets near 30, this would also suggest a silver price above $US100.

We are about to see the next run on physical bullion.

Buy as much as you can !

Cheers
Mike

 

[Sw1fty]

And hang on to any you already have until price gets up there...

 

[Salla]

Waiting for the big crash, so that I can sell all my gold/silver and invest it in shares at a point when no one wants shares anymore. I am not hoping for it but I kinda expect it to happen within the next 5-10 years.

 

[GoldCompany]

When Investors Wake up the Gold Price Will Soar '' Peter Schiff ''

[video=480,360]http://www.youtube.com/watch?v=OF9hHmeeFY0[/video]

 

[Sw1fty]

Gold price is obviously artificially low.
The gold that was supposed to be in bank vaults, then sold/loaned many times isn't there physically, only on paper.
Hence Germany not getting their gold back for seven (7)!! years...
It's gonna skyrocket, hang on to it

 

[Colin&Lee]

I read an article quoting Peter Schiff recently and he predicts it hitting 5k an oz in the next few years.

Bring it on I say

Col

 

[Outback]

Anyone know where gold can be bought for the actual quoted up to date price ' with out all the loading ?
OB.

 

[Guest]

Why buy it? its free, you just have to go get it.

 

[Outback]

Why buy it? its free, you just have to go get it.

Like many I just don't get enough 8.(

 

[Guest]

Why buy it? its free, you just have to go get it.

Like many I just don't get enough 8.(

haha never a truer a word spoken.

 

[Pauly]

I think if im going to invest in gold I will buy actual gold not gold on paper. I always worry its over sold.

 

[GoldCompany]

I think if im going to invest in gold I will buy actual gold not gold on paper. I always worry its over sold.

Never buy anything but physical.

 

[Scoopa]

Yes but what time span did they place on this great gold price increase! Next Year, 5 year 10 year 100 years! It never ceases to amaze me how some people make these statements in an attempt to "talk up the markets". You will always notice such words as 'could' and 'may' are used as this gives them an out if their prediction doesn't happen. 150% increase in the price of gold would have a significant negative economic and social effect world wide! I base my investments of more sound advice, current market trends and good research!

 

[Mr Sism]

I think that the figures of $5,000 / ounce etc are reasonable in the long term (even well in excess of this is likely in my mind), my attention is mostly focussed on what the likes of Jim Rogers is saying (Schiff is often good too though I agree). Rogers talks of Gold putting in a 'complicated bottom' over the next year or two and that it still may not have gotten to it's low point (approx' US$960 according to him). While the price may go lower in USD though it may not be so terrible in AUD as I THINK it will be as a result of financial calamity, brought about by people one last time fleeing to the USD.

I personally would hesitate to buy full-on into gold right now although I agree 100% with Balx that there's plenty of the free stuff out there - just gotta dig it!

Drewe.

 

[Scoopa]

Mr Sism. Some great comments but please correct me if I'm wrong, but are you saying an increase of over 400% from a low of $960 in reasonable! Could you give me an idea over what period of time you would expect this to occur! I also agree with you about going full-on into gold right now. Great discussion! Love it.

 

[Mr Sism]

Evening 'Scoopa', Yes I say 'reasonable' when you take into account the unreasonable ways that governments globally are churning out the currency - I think gold has the best part of another decade from now where it will be a sound refuge. I own silver and gold bullion and will likely buy more if Rogers predictions unfold. Have a look at Jim on Youtube if you have not already - his books are very entertaining too. GL Drewe

 

[Beagleboy]

Price of gold in my lifetime:

1970 - $38,90
1980 - $594,90
1990 - $386,20
2000 - $272,65
2010 - $1420,25

I am by no means a gold expert but if you look at the price trends you could assume that gold could certainly go up to $3,500 in couple of years. It makes sense if there is a lot of demand because people have no confidence in economy etc. It has happened before.
As far as economists go some will say it will go up and some will say it will go down. This is not an excact science and you never know what is around the corner. They work on theories and quite often they are wrong.
All of speculation is based on greed and heard mentality. You only know for sure when the price hit the bottom after it has happened and the price is going up again.
I like the idea of holding gold but you get no income from it like from real estate so you have to have a lot of spare cash to do it. If I did have few spare bucks i would put some money in gold and silver for a long term.

 

[GoldCompany]

Yes but what time span did they place on this great gold price increase! Next Year, 5 year 10 year 100 years! It never ceases to amaze me how some people make these statements in an attempt to "talk up the markets". You will always notice such words as 'could' and 'may' are used as this gives them an out if their prediction doesn't happen. 150% increase in the price of gold would have a significant negative economic and social effect world wide! I base my investments of more sound advice, current market trends and good research!

The Gold market is heavily manipulated by the banks. Might be why there is a reluctance to commit to a dollar value target for gold.

One thing we can count on is eventually the currency war will collapse all of the FIAT currencies, At which time FIAT currencies will return to their actual value ---- Nil.

This unfortunately will leave very few investments left unaffected. Hard assets like farms and mines excluded.

I personally believe that in the short term ( 12 months ) we will see the USD drop to a level of $2000.00 to the gold ounce. I base this purely on the debt.

But at the end of the day we must remember Gold is not an investment, It pays no dividend it doesn't increase in value. It is purely a store of transportable wealth. Real money!

If you have 10% of your wealth in precious metals now, in the future it will account for 90% of you total wealth.

We can't count on luck ! ------- But we can Buy Gold !

PS: added a link to watch.

[video=480,360]http://www.youtube.com/watch?v=M-2eJQqXm7s[/video]

 

[Outback]

Who offers the best deal to buy gold from ?
Only talking about small amounts .

OB .

 

[GoldCompany]

Who offers the best deal to buy gold from ?
Only talking about small amounts .

OB .

I would recommend ABC Bullion or Perth Mint.