Pento – Gold To Hit New All-Time Highs & Continue To $2,300
September 10, 2012
Today Michael Pento surprised King World News when he said that he expects gold to hit new all-time highs, and continue moving to the $2,300 level early next year. Pento, of Pento Portfolio Strategies, also discussed what to expect from central planners this week and how it will impact key markets.
Here is what Pento had to say about gold and the Fed: “I would expect that we are going to march our way to a new nominal high. I give it a 99% chance that QE3 will be announced on Thursday. There will be some form of quantitative easing announced on Thursday. That will be some combination of ceasing to pay interest on excess reserves or an outright schedule of monetary purchases.”
Michael Pento continues:
“If that occurs, I think gold approaches its nominal high of $1,920 an ounce, and it inexorably rises close to $2,300 an ounce by early 2013. I do not measure the value of the US dollar against another flawed fiat currency like the euro. The ECB has already announced a ‘sterilized version’ of unlimited purchases of sovereign debt.
Now as I went into my (latest) piece on King World News, these purchases will not be completely sterilized….