Where is the Silver Snowball and Gold Going?

Kevin Kerr, president of Kerr Trading International said the precious metal’s (gold) “more likely to hit $3,000 than $800 in the next two years.”

“I am bullish longer term on the U.S. and global economies, but … I feel the die has been cast for lower fiat currency prices in years to come and a global shift out of the dollar and into commodities as the new reserve currency,” he added.

Kerr listed hyperinflation, more job losses in the U.S., negative interest rates for an extended period of time, efforts to price crude oil in currencies other than the U.S. dollar and attempts by China to move a larger part of its foreign currency holdings into gold as conditions that would support a further increase in the yellow metal’s prices.

Amerifutures managing director Patrick Kerr lists gold purchases by central banks, “the deepest pockets of them all,” as one of his 10 reasons why gold could shoot up to between $5,000 and $10,000 an ounce.

MarketWatch 12/18/2009

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