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Gold Could Double over Five Years – Headed Higher with Government Resentment: Holmes

Daniela Cambone
Kitco News
Monday, September 6, 2010

Gold has the potential to double within the next five years, and if governments stumble with their policies, it can go even higher, said Frank Holmes, CEO of US Global Investors.

“When Obama gave money to stimulate job creation, a lot of that money went to State governments and not into the private sector, where it was really needed most. Now we’re dealing with a high unemployment rate that won’t go down, which is leading to increasing anger that you can see in the approval numbers. If that was to accelerate then you could see gold taking off faster,” Holmes said in an interview with Kitco News.

“I think that gold can double over the next five years, comfortably; that is a 15% compound on rate of growth. And that is what I’ll stick to,” he said. “There are not many asset classes that can demonstrate that,” Holmes said.

He said, “If you are a linear person and you use linear models – gold should be at $50,000 an ounce.  If you go to inflation adjusted prices then gold should be at $2,300,” he said.
Holmes’ firm tracks government social programs to determine whether they are based on social investing or social welfare.

“Giving out food stamps does not create jobs; it creates a society addicted to government checks.  That’s not sustainable – a society that turns around and starts updating all their roads (and )airports is,” he said.

“Why not update the L.A airport? Build a speed-train from LA to San Francisco and create 1 million jobs. Why not re-do the roofs in New York so that they are white and not dark asphalt and they will use less CO2 and create a million green jobs?” he questioned.

Full story here.

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