MUMBAI(Commodity Online): If the current bull run in Gold and Silver would continue, gold can reach $2000, and silver can cross $50, James Turk, an analyst, was quoted by King World News (KWN) as saying.
His logic is that if gold and silver prices rule above $1600 and $40, it is highly likely that investors short on gold may opt for a stop-loss measure and do some short-covering. They too may opt for long positions. This is deemed to drive the precious metals up. If that be the case, a monster rally is in the offing!
Beacon Equity Research reported Turk as speaking:
“I wouldn’t be surprised to see $2,000 (gold) very quickly,” Turk speculated in his KWN interview. “It’s just a question of how the European bank crisis unfolds or the U.S. debt limit unfolds or any one of these number of trouble spots around the world unfolds. Any one of those could light a fire under the gold market and you could see $2,000 very, very quickly. You could also see Silver over $50 very quickly.”
Currently the debt crises on either side of the Atlantic are providing a perky climate for safe haven assets like Gold and silver.
The world’s third largest bond market—Italian bond market—is under trouble as a massive sell off fuelled by debt contagion-spread to Italy resulting in bond yields rising to figures above 6%. This development fuelled a surge in gold and silver prices. With the Greek crisis already on tow and Portugual, Ireland and Spain in trouble, the Euro-zone debt crisis continues to pester the global economy.
On the other side of the Atlantic, Obama and Republicans are yet to hammer out a deal on 14.3 tn debt ceiling.
Both these scenarios would keep the dual-darlings where they are.
So, if gold ans silver maintain the rally for another few days, Turk may not get it wrong.
sumber : http://www.commodityonline.com/news/Gold-set-to-go-$2000-silver-may-breach-$50-40892-3-1.html
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