Other experts echo this bullish sentiment.
Big time investor, Jim Rogers, stands behind his long term $2,000 gold price prediction
"It'll probably be much higher than $2,000 in the [next] decade but maybe even sooner, I don't know. But to me it seems pretty clear that it'll go to at least $2,000. If you adjust the old high back in 1980 for inflation, gold should be over $2,000 now."
Congressman Ron Paul think the government will lose control of the dollar and push gold to astronomical levels. "You'll see gold at maybe $5,000 to $10,000, and then they'll say we have to do something and then that's when countries resort to something of real value to regain the trust ... I think we're going to come to our senses before that [however]," but Paul gave no time frame.
Gold mining executives are a little more conservative. Chuck Jeannes, CEO of
(GG - Get Report)
thinks gold could spike to $1,700 in 2011. "With all the financial uncertainty, with the European debt crisis, and what's going on in the U.S. right now, the gold price has continued to perform [and] ... we are just heading into the time of year where we normally see demand increases from the Indian wedding season and restocking for the holidays."
Jeannes has previously said that its important to consider highs adjusted for inflation, which could push the price as high as $2,300.
Jeff Pontius, chief executive officer of
International Tower Hill
believes that prices could reach as high as $2,000 an ounce in the longer term as the U.S. dollar continues to lose ground.
"Gold will ultimately go above $2,000 and I think its going to go in steps" said Sean Boyd, CEO of
(AEM - Get Report)
who had previously forecast gold prices at $1,600 for 2011.
, Rob McEwen, says gold prices will hit $5,000 an ounce in 4-5 years.
Now that the experts have weighed in, we'd like to know what you think. Take our poll and find out where readers of
think gold prices will finish in 2011.
Written by Alix Steel in New York.
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