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$5000 Per Ounce: “There’s going to be a mania in gold”

Wednesday, October 31, 2012 11:32

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(Before It's News)

Doug Casey at the 2012 New Orleans Investment Conference:

Gold remains the only financial asset that’s not simultaneously somebody else’s liability.

All of these governments all over the world are printing up trillions of currency units and they’re accelerating the pace of doing so.

There’s going to be a panic into gold. There’s going to be a mania in gold. There’s going to be a bubble in gold in the future.

Even though, as we speak now, it’s at $1700, it’s no longer cheap, but it’s going a lot higher…

We’re looking at the biggest economic upset since the industrial revolution.

…[Predicting the price] is crystal ball gazing; it depends on how stupid the government is and how out of line the mob psychology becomes.

But, by the time this comes to a peak I wouldn’t be surprised – in real terms, today’s dollars – to see the equivalent of $5000 per ounce.

Of course, that may be 10 or 15 considering how badly they’re going to inflate the currency…