Article written by Prieur du Plessis, editor of the Investment Postcards from Cape Town blog.
With the gold price just shy of $1,500 and silver around the $35 level, Eric King of King World News has just interviewed Robin Griffiths of Cazenove, one of the top investment strategists in the world with 44 years’ experience. When asked if this time around silver will eclipse the 38 fold up-move which took place in the 70’s Griffiths replied, “Yes, I think getting to $50 was a slam dunk certainty, you test the old all-time high. We now have a consolidation for let’s call it two months and I think then we are going to go on up because the paper monies are still being printed.”
He said: “I’ve got it (silver) as a ten bagger from current levels. You don’t want to be wobbled out here because of a few champagne bubbles. You want to be able to stay with and add to your long-term holdings. Bulls (bull markets) are very successful at wobbling people out at the wrong time.”
When asked if his $350 target for silver was realistic Griffiths stated, “That is absolutely not unrealistic. If you adjust the old all-time high for inflation … that gives you $450 for silver. Then you add in the fact that they are printing money, you can take it higher than that without any difficulty at all.”
As far as gold specifically was concerned, Griffiths remarked, “The run-up to the peak in markets like gold is between now and 2015. I think it will all be over by 2015; a lot of it depends on how aggressively paper monies get printed from here on in. I think $3,000 is an absolute minimum target. I can believe in targets certainly above $5,000 and it’s theoretically possible to go to $12,000, that’s dollars an ounce for gold.
“If Mr. Bernanke stays on his current agenda I think those higher numbers will be what you will see. We’re looking at the trashing of the dollar. As Marx pointed out, it’s the most assured way of destroying your economy.”
Click here or on the image below to listen to the interview.
Source: King World News, May 14, 2011.
Robin Griffiths: Silver could eclipse $450, gold $12,000 was first posted on May 14, 2011 at 10:35 am.
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