Gold price will double $1,150: Jim Rogers

A senior figure at Okato Shoji Co says that gold prices are unlikely to fall dramatically in the current economic climate. The yellow metal is receiving strong investor sentiment at present, particularly as most commentators have predicted that US interest rates will remain at historic lows for the foreseeable future.

Now Kaname Gokon, deputy general manager for the research section of the Japanese commodity brokerage, has explained that any small price lulls will be offset as gold has now established a strong floor.

"Any further dips would be supported as buying is expected to emerge at around $1,120," he told the news provider.

"Nothing will change unless strong US data dashes the consensus that US interest rates will stay low."

Meanwhile, renowned investor Jim Rogers, chairman of Singapore-based firm Rogers Holdings, reiterated his bullish stance on the future of Gold Prices last week.

He explained that a figure almost twice as high as the current level near $1,150 should be attained, based on the peak of the previous bull run for gold 29 years ago.

"Just to get back to the old high back in 1980, adjusted for inflation, the price would need to be over $2,000 now," he told the Daily Telegraph

"So we'll certainly get there some time in the next decade."

Courtesy: bullionvault.com