Friday, September 18, 2009

Rob McEwen: Gold to Hit $1,500 in 2010 and $5,000 by 2014

Rob McEwen was on BNN yesterday, fresh from the Denver gold forum. He talks about some of his mining companies. US Gold (UXG) is now listed in the Global Gold index. The company has big projects in Nevada and Mexico. Barrick will buy them at a much higher price after they do their feasibility study.

UXG chart (no position):

On Barricks dehedging, he also mentions that Barrick is now writing off one fifth of the entire market cap of gold in the early 80s! Please see our post on Barrick possibly going bankrupt.

Mr. McEwen maintains his projections that gold will hit $1,500 by 2010 and $5,000 by 2014 or 2015. He says politicians can't help themselves from writing checks. It is not only the U.S., debts of major countries are going high and higher.

The one and only Mr. McEwen points to where gold is headed.

Always entertaining, watch the clip.

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