Newspaper article The Evening Standard (London, England)

Credit Crunch Will Push Gold Price to $1500, Says Top Guru

Newspaper article The Evening Standard (London, England)

Credit Crunch Will Push Gold Price to $1500, Says Top Guru

Article excerpt

Byline: ROBERT LEA

THE gold price is set to double over the next 18 months to $1500 anounce and continue to soar over the next five years, according to Harry"Goldfinger" Dobson.

The Scots goldmining tycoon believes the current credit crunch and turmoil inthe lending market will see the price of gold rocket to $1500 an ounce sometimein 2009.

Within half a decade he believes the price is more likely to be $3000.

Dobson believes the depreciation in the dollar and Western economies' relianceon the derivatives market has the potential for financial chaos, prompting afurther flight of money into commodities and gold, whose prices are alreadybeing driven by demand from China and India. "We are at the starting stages ofa longterm commodities boom," said Dobson. "The depreciation of the dollar,made inevitable by monetary inflation, has and will play a big factor in[dollar-denominated commodity] prices." Arguing that the price of gold has beenartificially kept low by Western central bank policies, Dobson believes goldwill become the investment of choice in choppy markets. …

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