Gold $2000 per ounce??

friar

Did you see yesterday that Citibank, think that gold may hit above figure,from current $900.

Is this shrewd thinking, or more credit crash hype?

Stavros_3

'Speculators'

nzseries1

Of course gold may hit $2000. It may hit $100,000. It may hit $0.

wombat42_2

It was an internal memo at Citibank, not intended for public consumption. Others like Peter Schiff have been calling $2000 this year as well.

There are good arguments for $2000 gold but whether it will actually happens is another issue. Even so many commenters are more bullish on gold in 2009 than anything else,

tradetime

Personally I'd give some consideration to Gold miners, gold is relatively expensive compared to the gold miners, or miners are cheap relative to gold, either way.
Gold v Gold Miners.

withnell

The more leaked memos saying that, the more ordinary people buy gold, and the higher price their investors can sell their gold investments for! Cynic, me?

sabretoothtigger

If you believe in conspiracies then you should definitively buy gold However when FDR took office, he outlawed all private holdings of gold bullion. It was that important apparently

Gold has risen 20% since obama was voted in, you can decide for yourself if the trend will continue. Its not unbelievable when normal currency is failing, soros thinks the dollar has a 'fever', etc

The stocks idea is a good one but more complicated then just buying a resource, maybe more profitable or maybe not

tradetime

Gold against armageddon, the collapse of civilization as we know it, the demise of fiat currency, for most ordinary people is a con, possibly the true definition of fools gold. Armageddon, the collapse of civilization etc etc will not occur over night, it will take years, decades even, and during that time there will be immense amounts of hardship and pain (assuming it is to happen of course) during that time most people who hold gold will have sold it long before it has taken off into the stratosphere, consequently if people want to hold gold against inflation, or speculate then I would suggest they just by an ETF like GLD. Unless you can dump about £30k+ into physical gold and forget about it, never give it a thought then imo it's a waste of time buying the physical commodity

tradetime

The stocks idea is a good one but more complicated then just buying a resource, maybe more profitable or maybe not

The stocks idea, is just a short to intermediate term play because I think they are way out of whack, it's almost tempting to short gold and long the miners for an arb trade, for full effect but since I'm not up on that sort of thing I'll give it a pass. it could add a lot more risk before anyone jumps into it.

purch

Gold against armageddon, the collapse of civilization as we know it, the demise of fiat currency, for most ordinary people is a con, possibly the true definition of fools gold

:T


Gold needs to make a significant break of $1,000 before anyone can even consider it doubling in value.

There are lots of compelling reasons for Gold to appreciate in value, but the $2,000 story has been around for well over 12 months, and we have yet to see any consolidation of the price much higher than current levels

If Financial Armageddon does happen, then the value of Gold will be irrelevant as there will be no currencies or economy's left.