"Growing debt levels in the developed world will continue to bolster gold into the foreseeable future, bringing with it the potential for the precious metal to eventually reach $10,000 an ounce, noted gold bull Nick Barisheff told a forum in Toronto.
The CEO of Bullion Management Group Inc. said that gold is now moving in lockstep with rising U.S. debt levels, and that given that debt levels continue to grow, support remains for gold to go much higher.
“Based on official estimates, America’s debt is projected to reach $23 trillion in 2015 and, if the correlation remains the same, the indicated gold price would be $2,600 per ounce,” he said according to a transcript of the speech. “However, if history is any example, it’s a safe bet that government expenditure estimates will be greatly exceeded, and the gold price will therefore be much higher.” '
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