Gold headed to $3k an ounce says ETF pioneer

Saturday, July 13, 2013
By Paul Martin
Friday, 12 July 2013

Gold may yet reach US$3000 an ounce, despite recent downward trends and a current level of around the US$1,200 mark, according to ETF Securities’ Graham Tuckwell.

Speaking at an event at the ASX marking 10 years since ETF Securities launched the world’s first gold exchange traded product (ETP), Tuckwell said economic uncertainty meant gold’s prospects are better than many forecasters realise.

Tuckwell, who has built his reputation around the gold ETP, denied that recent highs were a bubble. He said the gold bull market has not ended, because “nothing has actually changed.”

“The big problem out there is governments have spent too much in terms of their budget deficits; they’ve certainly spent too much by the central banks buying bonds and other financial assets via printing of money.”

Tuckwell, who was reportedly worth $775 million in 2012, said that potential tapering in the US Federal Reserve’s quantitative easing program does not deal with the problem.

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