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The precious yellow metal hit a record high of $1173 on Monday and from the looks of it, is set to go even higher. Should we be surprised? In a word, no. Since inauguration, Obama’s office has spent a whopping $1.4 trillion on bailouts, stimulus packages, and more. The enormous debt load has investors fleeing the ‘almighty’ Dollar to the safety of hard assets like gold. Already this year the precious metal has surged 35%. And that’s a trend I don’t see ending anytime soon. In fact, I see prices soaring to new records through 2011 (at least). I’m not the only one who thinks so either… Jim Sinclair, chairman at Tanzanian Royalty Exploration, sees the price of the yellow metal reaching as high as $1650 by the end of 2010. And in his opinion, that might be a low estimate. Forbes columnist Dr. Michael Berry recently called for gold to climb to $1,500 an ounce. And Martin Armstrong, former President of Princeton Economics, thinks an ounce of gold could hit $1,750 in the next three years. Indeed, the bull market for gold is just heating up. And if you want to ride the flood of new buying coming in everyday, you need to get on board today. Two of my favourite plays right now are pure bullion — for safety and security — and junior exploration companies — for speculative gains. One company I have my eye on is Gold Resource Corp (GORO:OTCBB). They’re drilling on a hot property south of the border and at current levels, I think the stock is a homerun. I can’t get into too much here, but for a full report on the company (and why I think it’s a lock serious gains), sign-up to my monthly newsletter by clicking here. Yours in profits,
Roger Gaines |
