UXG (UXG) Chairman Robert McEwen says the bull run for gold is only just beginning. He thinks gold will sell at $2,000 an ounce by the end of the year and could hit $5K by 2012-2014.
“We have declining annual production [of gold] and we have massive amounts of monetary stimulation that will debase the currencies around the world and cause people [to have] a loss of confidence and basically cause people to go to an asset that holds its values,” said McEwen.
What about the greenback?
“A year and a half ago, a lot of people in Europe and the Middle East and Far East were saying they wanted to price their products in euros because they felt the dollar was weakening,” McEwen added. “Right now, they’ve found their assumptions were wrong and they’re trying to get out of the Euro and into the dollar, and that will continue for a while, but then they’re in the dollar and look at it and say ‘this isn’t a good place either.”
