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:
Jim Rickards and Egon von Greyerz both agree that gold should be valued at $10,000 based on today’s money supply in the video below. They also believe gold is a hedge and form of insurance to economic instability and potential hyperinflation. They also discuss the 1,000 ozt silver bars traded in the bullion markets, along with their unique features, such as their assay marks and serial numbers.
The Motley Fool has an interesting article on Keith Neumeyer, CEO of First Majestic Silver, a major silver miner, predicting a $140 silver price.
Is silver really in such short supply that not only could it double in value from its current price, but triple or even quadruple? First Majestic Silver (NYSE:AG) CEO Keith Neumeyer says you would be crazy to think silver will be trading at $30 or $50 per ounce within the next few years. Nope, instead he believes silver will hit $140 per ounce, a ninefold increase from where it stands today.
Notably, Neumeyer believes the higher prices will be driven mainly by the increasing demand for silver in cellphones and other electronics, due to economic growth in emerging economies.
Also, he recently suggested silver could hit $1,000 and gold $10,000 in an interview with Future Money Trends: