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