Sprott fund manager forecasts $5,000 gold
Adam Pike, News Editor
12 Mar 2014, 10:55 a.m.
Charles Oliver, gold and silver fund manager at Sprott Asset Management, is forecasting gold to reach $5,000 per ounce within the next few years.
Although the price dropped significantly in 2013, Oliver believes the fundamentals for gold only got better as the Chinese bought record amounts of physical gold and the Federal Reserve continued money printing.
Oliver is concerned the inventories held at the Comex are at record lows and the market could be broken as someone demands more gold than what can be delivered. For this reason, Oliver is recommending investors only invest in fully allocated gold products.
Oliver also notes that demand out of China is insatiable with 100 tonnes a month being imported through Beijing since the end of last year.