Bill Murphy: Gold Going to $3,000-$5,000

Bill Murphy, the chairman and director of the Gold Anti-trust Action Committee (GATA), recently interviewed with Greg Hunter of USAWatchdog.com. In this interview, Murphy says he thinks gold will hit $3,000-$5,000 per ounce, which he sees as conservative. Actually, this price target is more conservative than the $10,000 gold price target of Jim Rickards.

He says the “gold cartel” — consisting of bullion banks and central bankers, among others — have been manipulating the price of silver downward. In particular, he believes that the price of silver is targeted for suppression by the powers that be because it is tied to gold, a commodity that trades inversely to the U.S. dollar. Thus, in order to keep the illusion of dollar strength and security, he believes, the silver and gold markets must be suppressed.

Here is the interview: