Roubini Says Rogers’s Forecast of $2,000 Gold ‘Utter Nonsense’

[dave4532]

When gold reaches $1,500, in the next couple of weeks, Rogers can say to Roubini "I told you so loser".

 

[MohdSalleh]

Roubini is a clown

 

[tmarket]

Jim Roger's gold prediction is like bin Laden's $144 oil prediction: devastating and self fulfilling.
ref:"In a 1998 interview, Osama bin Laden — the terrorist organizer of 9/11 who still roams free — listed as one of his many grievances against the U.S. that Americans “have stolen $36 trillion from Muslims” by purchasing oil from Persian Gulf countries at low prices. The real price of a barrel of oil should be $144, bin Laden demanded."

 

[Covertibility]

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Mista T done pity the Subway Economist.


Jesus, Moses, Incas, wings of angels...holy &*%#*, $100 says he can't pass a drug test.

 

[olias]

Quote from WallStWhizKid:

http://www.bloomberg.com/apps/news?pid=20601087&sid=aOfwpkHV2clM&pos=5

Nov. 4 (Bloomberg) -- Nouriel Roubini, the economist who predicted the global economic crisis, said a forecast by investor Jim Rogers that gold will double to at least $2,000 an ounce is “utter nonsense.”

There is no inflation or “near-depression” to drive gold prices that high, Roubini said today at the Inside Commodities Conference in New York. If a severe depression came to pass, with investors buying canned goods and hiding out in log cabins, “maybe you want some gold in that scenario,” Roubini said.

“Maybe it will reach $1,100 or so but $1,500 or $2,000 is nonsense,” Roubini said.

I'd like to know what he's saying now

 

[Debaser82]

Quote from olias:

I'd like to know what he's saying now

He would say either it's a bubble all driven by speculation or he will say it could go to 5K as he always predicted.

 

[rew]

There is only one sure thing I know -- the government will always carry out actions that will make the gold price go up. It's not that the government cares what the gold price is, it's that the government loves to spend money it doesn't have, jump into wars that are none of our business, and in general engage in all sorts of foolishness that ensures the gold price goes up. If grown ups were ever in charge in Washington D.C. the gold price would be $300, but that ain't going to happen.

 

[piezoe]

Quote from WallStWhizKid:

Inflation adjusted all time high for Gold is at $2358 an ounce.

http://www.ritholtz.com/blog/wp-content/uploads/2009/10/gold-REAL-dollars.gif

I don't see any bubble in Gold prices but I do see $1250 an ounce by end of year.

Thanks for the nice graph. This confirms what I have always thought, viz., gold is a nice speculative commodity for those who know how to trade it, but not a good long term investment. What you need for a good long term investment is an inflation adjusted, integrated curve that rises over time, and that's hard to find nowadays.

 

[BlackBison]

well in 30 years time many commodity charts will look like the smooth upward trend you are talking about

 

[rew]

Quote from piezoe:

Thanks for the nice graph. This confirms what I have always thought, viz., gold is a nice speculative commodity for those who know how to trade it, but not a good long term investment. What you need for a good long term investment is an inflation adjusted, integrated curve that rises over time, and that's hard to find nowadays.

Just how long do I have to hold something before it ceases to be a "trade" and becomes an "investment"? I've held gold since 2002 and haven't regretted it. Yes, gold was a lousy asset during the 80s and 90s, but damn few "investments" have had the 10 year bull run that gold has had.