Recently, Florian Grummes, Founder and Managing Director of Munich-based investment consulting firm Midas Touch Consulting, said that, within the next 5-10 years, the price of gold could reach $9,000 per ounce.
Grummes has been focusing on silver and gold since 2002 and Bitcoin (as well as other cryptocurrencies) since early 2013.
Last Thursday (May 15), Grummes gave an interview to David Lin, who is an Associate Producer at Kitco News.
Grummes had this to say about gold:
“It looks like [gold will get] a consolidation on the higher levels, with one nasty, little pullback where all the weak hands are shaken off and then the next wave up towards $1,800 and then the all-time highs of $1,920.
“Once gold sustainability takes out the all-time high of $1,920, it can run easily a few hundred dollars further.”
He later added:
“If you look at it from a very long-term perspective, and you can only compare it to the bull market of the 1970’s. Once the bull market started again in 1976, it went up for four years and it went up basically from $100 to $890, so nearly nine-fold. If you use the same ratio to today’s numbers, we would end up having gold, at some point in the future, $8,000, $9,000 gold, but we’re talking five to 10 years, I think.
As for silver, he said:
“Silver has huge upside potential. It’s extremely undervalued in comparison to gold. It’s a very cheap inflation hedge.
“I think at some point over the next few years silver will run up against the $50 level again.
“There will be another breakthrough over the next two to five years and once that happens, I think silver is off to three-digit numbers.”
In an article for Seeking Alpha published on April 22, Grummes had this to say about silver and gold:
“In view of the completely ruined financial and economic system worldwide, you should still not give up a single physical ounce of silver or gold. This is your life insurance from now on.
“Nevertheless, we should be prepared for a major correction in the price of gold in the coming months.”
