A man shows off his gold teeth grills in Harlem

Photo: AP Photo/Adam Nadel

Gold futures settled at $1,576/oz, down around 1 per cent for the day.  This month, gold dipped its toes into bear market territory. But we’ve heard at least four big names talk about gold heading to $3,000.

Gluskin Sheff’s David Rosenberg told the Financial Times that gold “will go to $3,000 per ounce before this cycle is over.”

Sean Boyle, CEO of mining giant Agnico Eagle expects gold to pass $3,000 within 24 months.

Bank of America Merrill Lynch’s technical analysis team has argued for $3,000 and $5,000 gold in recent day.

World Gold Council CEO Aram Shishmanian reportedly argued that gold would have to head to $3,000 in order for gold producers to stay in business.

U.S. Global Investors’ Frank Holmes recently gave a presentation titled Goldwatcher – $2,400/oz? $5,479/oz? $46,000/oz?.  Holmes is a gold bull.

Other Bulls

Although they didn’t break that $3,000 barrier, there have been other bullish calls on gold.

Citi technical analyst Tom Fitzpatrick is looking for $2,400 gold within 12 months.  However, this differs from Citi’s commodities team who sees gold average $1,835 in 2013.

Calling it the “currency of last resort,” Goldman Sachs is looking for $1,840 gold within six months.

Morgan Stanley’s favourite commodity right now is gold.  Their commodities team sees it going to $2,175 by 2013.

And the list goes on: Bill Fleckenstein, Richard Russell, Peter Schiff, John Paulson

Some Wisdom From Warren Buffett

The gold bulls are noticeably noisier than the gold bears.  Warren Buffett addressed this phenomenon in a recent interview on CNBC.

You can knock almost any investment and people won’t be as irate as when you knock gold, he argued.  This speaks to gold investors’ motivations.  “They want people to be as afraid as they are.”


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