Will Gold Hit 2k in 2009?

[ClayTrainor]

Peter Schiff predicted that Gold is going to hit over $2k / Troy ounce in 2009.

Think he's right?

 

[Michigan11]

The price isn't important to me right now, but I think it will definitely hit $2000 in 09'.

 

[TruthisTreason]

With Obama coming to office, it's hard to see the price of gold not going much higher in 2009 and beyond.

 

[RickyJ]

Peter Schiff predicted that Gold is going to hit over $2k / Troy ounce in 2009.

Think he's right?

He's too low, try $3000 a troy ounce and it will still be low balling it.

 

[lodge939]

I think so. A guy on bloomberg said all the hedge funds will be done by the end of the calendar year and that he expected the dollar to go back down into the 70s

 

[brandon]

Peter Schiff predicted that Gold is going to hit over $2k / Troy ounce in 2009.

Think he's right?

With Obama coming to office, it's hard to see the price of gold not going much higher in 2009 and beyond.

Schiff has been consistently wrong with his gold and dollar predictions. I think we may see gold for $500/oz in 2009. Of course I could be totally wrong... there is no way to know.

 

[ClayTrainor]

Schiff has been consistently wrong with his gold and dollar predictions. I think we may see gold for $500/oz in 2009. Of course I could be totally wrong... there is no way to know.

Got a good reason behind your speculation? And what has Peter been wrong about? he didn't predict this deflationary period before hyper-inflation, but i don't think that'll last.

 

[lodge939]

Schiff has been consistently wrong with his gold and dollar predictions. I think we may see gold for $500/oz in 2009. Of course I could be totally wrong... there is no way to know.

In 2007 he said it would go to $1000 next year and it did. Where are you getting this "consistently wrong" from?

 

[brandon]

In 2007 he said it would go to $1000 next year and it did. Where are you getting this "consistently wrong" from?

It broke $1000 for like two days. Gold has been in a downward trend for 2008.

 

[muh_roads]

Sinclair says we won't see $1650 until the end of 2010 or Jan 2011. I've always wondered why does he say $1650? Why not just round it?

Sinclair believes that will be the breaking point. He says the fed will create an FR Gold Certificate Ratio. Is he being too optimistic of their intelligence and willingness to do something like that?

 

[ClayTrainor]

bump

 

[danberkeley]

is the dollar drops 50% next year, gold will skyrocket

 

[constitutional]

Sinclair says we won't see $1650 until the end of 2010 or Jan 2011.

Source please. I know he said that gold will hit $1650 but never heard him say "until the end of 2010 or 2011".

 

[krazy kaju]

It really depends on how many more bailouts and how worse our economy will get. Remember, gold is like every other commodity. There is no such thing as "inherent value." Gold is subject to the same laws of supply and demand as everything else. This means that if our economy completely collapses (think Great Depression II), gold won't have much value because there won't be a demand for it from the producers and consumers who usually use gold. On the other hand, if our economy manages to stay somewhat living, gold has the potential to ride high on all of this inflationary spending ($700 bn from federal gov't, $800 bn from Federal Reserve, a huge explosion in M0).

The key is getting the timing right. You could potentially make a buttload of money if you can jump in at the right time, because it might take some time for this inflationary spending to take effect. We might not see a huge jump in gold until we get out of this depression, which might be a few months or a few years.

 

[danberkeley]

It really depends on how many more bailouts and how worse our economy will get. Remember, gold is like every other commodity. There is no such thing as "inherent value." Gold is subject to the same laws of supply and demand as everything else. This means that if our economy completely collapses (think Great Depression II), gold won't have much value because there won't be a demand for it from the producers and consumers who usually use gold. On the other hand, if our economy manages to stay somewhat living, gold has the potential to ride high on all of this inflationary spending ($700 bn from federal gov't, $800 bn from Federal Reserve, a huge explosion in M0).

The key is getting the timing right. You could potentially make a buttload of money if you can jump in at the right time, because it might take some time for this inflationary spending to take effect. We might not see a huge jump in gold until we get out of this depression, which might be a few months or a few years.

The greatest reason for getting out of the dollar and buying gold is that the dollar could collapse/run on the dollar. And you are right, gold is subject to supply and demand. You dont want to be caught holding dollars when the dollar collapses and everyone rushes to any tangible asset, including gold.

 

[No1ButPaul08]

Schiff has been consistently wrong with his gold and dollar predictions. I think we may see gold for $500/oz in 2009. Of course I could be totally wrong... there is no way to know.

I would say consistently wrong is a pretty big stretch. He's obviously had a pretty rough stretch the last 6-12 months but he absolutely crushed the market the prior 7-8 years. Peter was the guy buying gold at $300 and shorting the dollar at 120. Of course he said to buy gold at 1000 and short the dollar at 70, which of course hasn't worked out, yet.

He predicted gold to go to a 1000 this year, obviously it did and then pulled back. However, he also predicted the dow would equal 10 ounces of gold at the end of the year. It reached that point last week and is back to 10.5 ounces. Gold has held up pretty well compared to most investments.

His dollar predictions have been a little off, especially with the rally. That doesn't take away from being largely right the last 7-8 years on the dollar. He did think the dollar would have went bust by now, so he has been wrong there. Of course, Ron Paul has been predicting the dollar would go bust for 30 years. If (when) the dollar goes bust, damn near every one of Peter's predictions will have come true, albeit with the timing being a little off.

 

[krazy kaju]

^ True dat. But you don't necessarily want to jump into gold right now if it will fall for a few months and then shoot up. Ugh. I can't decide what I want to do with my money. I'm not sure if I sure hold off or if I should start buying now. I just don't want to see a REALLY good deal on silver (i.e. $7 or $8) after I buy.

 

[RickyJ]

^ True dat. But you don't necessarily want to jump into gold right now if it will fall for a few months and then shoot up. Ugh. I can't decide what I want to do with my money. I'm not sure if I sure hold off or if I should start buying now. I just don't want to see a REALLY good deal on silver (i.e. $7 or $8) after I buy.

Don't buy silver. Yes it may go up, but not near as much as gold will. Silver will be a very lackluster performer during a recession. I think it will fall even. Gold will rise even during a recession.

 

[danberkeley]

Don't buy silver. Yes it may go up, but not near as much as gold will. Silver will be a very lackluster performer during a recession. I think it will fall even. Gold will rise even during a recession.

silver has gone down more than gold. silver is looking better.

^ True dat. But you don't necessarily want to jump into gold right now if it will fall for a few months and then shoot up. Ugh. I can't decide what I want to do with my money. I'm not sure if I sure hold off or if I should start buying now. I just don't want to see a REALLY good deal on silver (i.e. $7 or $8) after I buy.

it is pretty much impossible to catch a bottom. but rumors are that the IMF is planning to sell a shit load of gold. if gold drops to 600 i'm definately buying. but yeah, i cant find any good deals on physical silver/gold either. you might be better off buying now even if it does drop another 10-20% before it takes off.

 

[DFF]

Schiff has been dead on about damn near everything lately. So I'll go with definitely. I don't wanna wind up in a Schiff "told you so, dumbass" thread compilation. lol