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$5,000 gold price 'is not that far out' - Rob McEwen

David Lin

Kitco News

(Kitco News) - Gold's popularity amongst retail investors is set to rise, and this is going to propel prices to $5,000 an ounce, said Rob McEwen, chairman of McEwen Mining.

“I don’t think $5,000 is that far out. I look at the influence of the social media and how much it’s propelled some of the tech stocks and I’m going to suggest that when people start looking at gold and it becomes a more common topic on social media,” he said.

McEwen said that rising debt levels put the possibility of sovereign default as a real risk of investors.

“The debt loads right now are pretty frightening in the U.S. and many other countries around the world as a result of what’s happening, to do with COVID. There’s a threshold when the debt to GDP gets to a 130% of GDP, there’s a very real likelihood of a default,” he said.

By David Lin

For Kitco News

Contact dlin@kitco.com
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.