Will Gold Top $1,000 An Ounce?

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Will gold really reach $1000/oz. or higher? According to Richard Russell in Barron's Magazine the answer is "YES!" He explains that the Fed's easing of interest rates throughout the 90's created excesses in the supply of money - particularly the supply of money that was poured into housing.
He warned, "sooner or later the bubbles will burst, thrusting the <?xml:namespace prefix = st1 ns = "urn:schemas-microsoft-com:office:smarttags" />U.S. economy into depression." His recommendation? "Hold cash and Gold." He said gold at $400 an ounce was "as cheap as dirt." Since then gold prices have climbed to 17 year highs, above $450 an ounce. Russell sees the yellow metal topping $1000 an ounce.
Another well-recognized analyst and gold expert, James Turk, made a similar claim, again in Barron's Magazine.  However, Turk was even more optimistic. During the Barron's interview, Turk harkens us back to 1980 when gold hit an all-time high of $850 an ounce. He said "if you adjust that $850 for inflation and debasement of the dollar . . . that $850 becomes something more like $2005 an ounce."
High oil prices, high interest rates and soaring deficits are also very positive for gold. Then to top it off, there's the "China Effect." Only recently has China legalized gold ownership for its 1.2 billion citizens. Producer reports claim, this alone could double the shortfall in annual production and the price of gold.
Yes, the bull market may be returning in a big way, but don't be surprised if this time it's in GOLD! Don't miss out.
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