``If gold is to maintain its run rate - and why wouldn't it - and if prices were to correlate with the size of the US monetary base, this would suggest that the gold price rally is also only roughly half way there (arguably it would outperform as confidence in the US dollar evaporates). In other words gold has the capacity to rise to between $3,500 and $4,000 - something we have maintained for some time. Furthermore, this level would see the Dow/gold ratio marking a fall to 2.5:1 as we also forecast. ''

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