Numbers Add Up: Gold Price Going To $3,000
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(Kitco News) - Gold hitting $3,000 isn’t just a belief, it’s a “monetary science”, and will happen sooner or later said Dan Oliver, founder of Myrmikan Capital.
Oliver said that the Federal Reserve has printed enough money to cause over-capacity in our economy and create a bubble that’s ready to burst.
“When the bubble is happening people don’t need gold. You don’t need gold when the market is going up, when all your investments are paying off. You need it when the opposite happens, and so gold always does badly during a bubble…gold does not protect you in a credit inflation, it protects you in the crash,” Oliver told Kitco News on the sidelines of the 121 Mining Investment Conference.
His comments come as gold rose the wave of assets rallying in the last week, with the bullion up 4% since last Thursday and the VanEck Vectors Gold Miners ETF (GDX) up more than 10%.