Gold prices to quadruple by 2010, Chris Wood
Chris Wood is a person who has predicted US Mortgage Crisis back in 2003. He is a managing director and chief strategist of the broking firm CLSA.
His latest prediction is that, by 2010, gold prices will quadruple to $3500 (per ounce) from the current $994 (per once) price. That’s some news!
The collapse of securitization is a much more deflationary situation in the U.S. than anything seen in Japan when the bubble collapsed in the early 1990s…
Gold may be the safest haven for investors as policy makers accelerate responses to the crisis, devaluing currencies versus hard assets such as gold in the process, said Wood. Gold is likely to more than quadruple from the current level of $986 per ounce currently to $3,500 in 2010, he said. Bloomberg
Back in Malaysia, Datuk Husam Musa, Kelantan Exco suggested that Malaysia should convert its reserves from foreign currencies to gold dinar.
“Malaysia can obtain as much as RM162.6 billion ($1 = RM3.6) for this year if the reserves were in the form of gold dinars following the rise in the price of gold globally.
“If we follow the current value, one gold dinar is worth RM518 with the lowest value being one Dirham (RM5),” said the Kelantan State Exco, Datuk Husam Musa in tabling a working paper at the Gold Dinar Seminar 2009 at University Malaysia (UM) here today.
“The price of one gold dinar this year increased 11.07 percent to RM512.20 compared to RM461.15 last year,” he said. Bernama
Should you invest in gold?
According to Chirstopher Wood investing in gold may be “the safest haven for investors”, and many other economists share the same opinion. Here is the graph of gold prices for the last 10-years. Having said that, do your own research and seek professional advice if you are serious about investing in gold.
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By Diet Blog on Feb 24, 2009
I’m not sure I agree with it quadrupling. I think it still has a long ways to go, but quadrupling is a bit much.
By Brandon Walker on Feb 24, 2009
I guess investors are turning to the safest option right now and that is gold. But if gold prices go from $994 (which they currently are) to $3500 (per ounce) then that is one big jump! Investors would get a nice ROI from that.
Brandon
By Web Design on Feb 24, 2009
I Also thinks the Gold is Safest way. And Every Investors are invest in gold.
By Web Designing on Feb 24, 2009
I don’t suggest you to buy Gold at this time, one of my friend who resides in Gulf countries told me that, gold market will low down when the marraige season will be off in India, it just because of lot of Gold’ import. The prices of Gold will go down once sharemarket becomes steady and increasing.
By CSS web design finder on Feb 25, 2009
Gold has always been a good investment
By Tom - Home Business Tips blog on Feb 25, 2009
I agree with CSS here above.If possible you should invest in gold.It will always keep it´s value.
By China Travel Service on Feb 26, 2009
Gold investment is always good especially when the economy is down, but it also fluctuates.
By David on Mar 19, 2009
Gold is hardly ‘always’ a good investment. Go look at this chart of prices from 1975 to 2009.
http://www.kitco.com/scripts/hist_charts/yearly_graphs.plx
What would have happened if you bought it in 1979, a peak year? It didn’t even sell for the DOLLAR amount(not adjusted for inflation) until 2005, i.e. you would have lost your shirt. 30 years of loss.
By Darcie on Aug 15, 2009
In my opinion, gold is a nice investment but only short-term, say 4-5 years. If you get into the gold market when it’s low and are willing to cash it in when it reaches your goal, it’s a nice hedge. Most people are not willing to cash it in. I don’t think it’s a good long-term investment.
By Ades on Aug 15, 2009
Darcie, agree with you, it’s a good option for short to medium term investments. Like David was saying it can be quite risky if you invest for long-term.