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$10,000 Gold is Not Out of the Question

Video Credit: The Street - Duration: 08:00s - Published < > Embed
$10,000 Gold is Not Out of the Question

$10,000 Gold is Not Out of the Question

(Kitco News) - Extremely dovish monetary policies around the world and economic conditions could propel gold prices much higher, to even $10,000 over the long-term.

"I think it goes up to $10,000.

I don't think it's going to happen in the next 12 months, but I think the supply of gold, peak gold is there.

The supply of gold is not growing.

GDP per capita is still strong in China and India and Southeast Asia.

60% is bought for love, and that's a steady demand for gold," Holmes said.

He added that we are now in a paradigm shift where the Chinese have shifted from being market takers of gold to being market makers.

"Recognize that the gold traders are no longer in London, [who were] basically the price makers, the Chinese are [now] the price makers, they used to be the price takers, and that is a paradigm shift," Holmes said.

Holmes said that the world doesn't have to see war in order for gold prices to climb to those levels.

"It's just a slow debasement of currencies, art is going to do exceptionally well, and real estate," he said, adding that according to a Morgan Stanley report, the best performing asset in the last 20 years has been real estate, followed by gold.

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