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Sunday, July 03, 2005

CNN reports $850 Gold Price Prediction

Katie Benner of CNN.COM reports that a handful of precious metals insiders at the recent New York Gold Conference predict that the price of gold will hit $850 an ounce in the next few years.

Benner says that the gold price rising along with the dollar and with oil jumping to record highs near $60 a barrel may signal a pickup in inflation ahead.

Benner quotes James Turk, co-author of the book The Coming Collapse of the Dollar and How to Profit From It saying "Despite all the rate hikes, the (Federal Reserve's) overnight lending rate is still less than inflation."

Charles de Vaulx, manager of the First Eagle Gold Fund told CNN "Middle East nations are getting more petro-dollars as (oil) prices rise, and they're not putting it back into paper assets," "They're trying to protect the value of their profits -- just like in the 1970s -- so they're buying gold," he said.

Read the entire article by Katie Benner on rising gold prices, oil prices and inflation at CNN.com

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