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In one of the highest predictions yet made by an investment bank analyst, Bank of America's MacNeil Curry sees gold prices hitting $7000/oz before ending the uptrend.

25 Apr 2012

NEW YORK (Commodity Online): In one of the highest predictions yet made by an investment bank analyst, Bank of America's MacNeil Curry sees gold prices hitting $7000/oz before ending the uptrend.

According to MacNeil, commodity bull markets end with a massive speculative blow off and they don't end quietly. If gold was topping out, the daily ranges would have span around $200/oz and we have not seen anything like it.

"Until we see price action take some kind of massive speculative blow-off, where prices effectively double in a year or less, I have to maintain a long-term bullish bias. That says to me, we'll probably see a move in gold, before all is said and done, to between $3,000 to $5,000 (per ounce) and potentially $7,000 per ounce”, Economic Times quotes the analyst from the Market Technicians Association symposium last week.

There have been other analysts who have predicted massive surge in Gold's value. When the US went off the gold standard, prices went up from $35/oz to $800/oz. Equating the same performance in the current gold market, gold prices will have to rise to $5000/oz from its base of $250/oz. Predictions of $10,000/oz have also been doing rounds, the figure arrived from calculations of existing global money supply.


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COMMENTS (1)
Blackjack
28 Apr 2012
i wonder if they laughed at him as he probably said this after a few bottles of Chard over lunch honestly the only way for banksters and the FED to get out from under the debt is to MASSIVELY inflate their way out BUT if gold gets to this price then people will sell and the physical gold doesnt exist either and so they dig a deeper hole. Or if I want my physical gold they may not be able to give it to me as they rent, lease, swap, derive, the physical gold So keep the prices going up and people will not sell as they are on a roll. I buy into the miners as this is ground zero.
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