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 Goldcorp (GG) 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 (THM) 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 Agnico-Eagle (AEM) who had previously forecast gold prices at $1,600 for 2011. CEO of U.S. Gold (UXG), 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 TheStreet think gold prices will finish in 2011.
|More on Gold Gold Price News|
|How to Invest in Gold|
>To contact the writer of this article, click here: Alix Steel. >To follow the writer on Twitter, go to http://twitter.com/adsteel. >To submit a news tip, send an email to: firstname.lastname@example.org.
TheStreet Wins Four SABEW Journalism Awards
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV