Gold to hit $4,000/oz, Silver to $100 by 2017: Ross Norman

http://www.commodityonline.com/

LONDON (Commodity Online): Gold prices to reach $3,000-4,000 per ounce range within five years, said Ross Norman at the inaugural Dubai Multi Commodities Centre Precious Metals Conference.

One of the most articulate analysts in the market Ross Norman maintains that “there is no sign of a bubble and that gold ought to be trading for $6,500 if adjusted for inflation, though $3,000-4,000 is his target within five years.”

He continued that, “the market is supply constrained with almost no change in a decade while demand has taken off from investors that has grown from $3 billion to $80 billion over the same timeframe.”

Ross Norman also forecast $100 an ounce for silver by 2017. His masterly presentation entitled ‘Silver has the bubble burst?’ argued that no it had not, and that merely projecting forward recent growth rates arrived at $100 an ounce within five years.

Negative real interest rates were the reason for high precious metal prices cited by most experts. In short inflation is higher than the cost of money so cash on deposit is losing money.

Ross Norman, CEO of Sharps Pixley, London based bullion trading firm and provider of information on bullion markets.

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