Paul Joseph Watson
Monday, October 6, 2008
40-year market veteran and fund manager Robin Griffiths of Cazenove Capital Management predicts that the overprinting of dollars as a result of the Wall Street bailout will act as a catalyst for gold prices to rocket to $2,000 an ounce, as demand for precious metals outstrips supply amidst rumors of market manipulation.
- A d v e r t i s e m e n t
Griffiths said that as the world deleverages, dollar strength could drive gold prices down to $750 an ounce, but that this would be the bottom and it would represent a great buying opportunity.
“Once we get through the crisis, people will realize they’ve printed an awful lot of dollars, too any dollars, and thrown them from a helicopter window – we need to hedge the risk of too many dollars around and real stuff is the way to do that and gold will be an excellent way,” Griffiths told CNBC this morning.
“I think we’re coming up to re-test that $750 low and that’s going to be a buying opportunity, and if this is correct on a 12 month view from here, we’ll go straight off the top of the chart and eventually I’m thinking a target of $1400 to even the $2000 range,” said Griffiths, admitting that the forecast had caused him to become a gold bug.
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