Gold price could rocket to $3,000, says top manager

Efforts to stimulate economies on both sides of the Atlantic are set to have major implications for the price of  gold, pushing it as high as $3,000 per ounce, according to top-rated manager John Hathaway. Hathaway manages the Tocqueville Gold fund on behalf of Tocqueville Finance and, in his most recent investment update, speculated on a massive leap in the price of the precious metal. The price of gold currently sits at $1,777 per ounce having risen sharply over the summer following a pronounced flight to safety among equity investors. Commentators had speculated gold would breach the $2,000 per ounce mark off the back of economic concerns, however, Hathaway’s prediction goes vastly beyond this point. He said: ‘The market reaction to this financial crisis on both sides of the Atlantic is a necessary, but painful, prologue for gold to reach new highs, which we believe could probably be well above $2000 and maybe even $3000.’ ‘The reason is that monetary and fiscal authorities will probably react by printing more money, in one way or another.’ However, while good for gold prices, Hathaway said the market action would be ‘very bad’ for economic recovery with it possibly leading to another worldwide recession.

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