Thursday, March 25, 2010

James Turk: Gold at $8,000 dollars an ounce by 2015

Turk thinks the current floor is $1,050 area and the ceiling is around $1,140, but that this ceiling is merely a thin plaster façade which will crack completely through by 2013-2015:

Fascinating, Captain.


Paul said...

James is a fine guy, met him once in Las Vegas. I have been following him for close to ten years. He is right on the direction but tends to err on the side of optimism. Then again he is selling gold :-)

I made a bet 2-3 years ago that gold will be at $2000 in March 2010. Fortunately the other guy hasn't called on the prize yet, I guess I will tell him myself when the time is "right" :-)

AL said...

Uncle Jack, where do i store my gold if it becomes so valuable??!

Jack Maturin said...

Away from the prying eyes and hands of the British government and other lesser thieves. Lots of options. Buy sovereigns and hide them where a metal detector won't get them. Store it in the Perth Mint in Australia. Hold it in a Swiss repository. Turn it into Napoleonic soldiers and paint it, pretending it's lead. Buy bullion bars and bury them 10ft deep in your back garden.

Just use your imagination.

Wear it. In interesting places.

But keep it away from the prying hands of the thieves in the British government, whatever you do. And remove as many counterparties as possible, to rid yourself of that worst risk of all - the other fella reneging on his promises.

Make sure, though, that at least some of your gold is physical. Because with 50,000 more tonnes of gold having been sold than actually exists, if the balloon goes up, a lot of ETF holders are going to be in a lot of trouble.