2011-07-22

“Panic Spike” to Lead to $2,000 Gold This Year?

Gold could reach $2,000 per ounce later this year amid a “panic spike,” according to Clifford Bennett, chief economist at Empire Economics in Australia.

"Panic Spike" to lead to $2,000 Gold this year? In an interview with the Australian Associated Press, Bennett said that “There is risk in the second half of the year of a bit of a panic spike, if you like, as everyone thinks there isn’t enough to go around and starts to hoard…That’s when you’ll really see gold take off towards $US2,000 an ounce.”

Over the next 18 months, Bennett forecasted that the price of gold could hit $2,200 per ounce, and eventually take out its inflation-adjusted all-time record high of $2,300 per ounce.

Bennett cited rising investment demand around the world for the yellow metal as a key reason for his bullish outlook, predicting that “India and China will continue to stockpile gold.”

He went on to say that ”Gold has certainly come back as a respected reserve form of wealth…There’s been some US buying on the back of fears of European sovereign debt, but I don’t think that market is long yet.”

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