CAN GOLD REACH $10,000?
Before we ask the question of the day, “Can gold reach $10,000?!”, we have to have a firm understanding of the value of gold and the history of gold.
In 1971, the United States Dollar was backed by gold. In 1971, an ounce of gold was $45. By the time 1999 rolled around, it had raised to $300 an ounce. Today, the spot price of gold is $1,784. There has been a steady increase in the price of gold since 1971. In the book “The Collapse of the Dollar and How to Profit from It” by James L. Turk and John Rubino, it is explained that the price of gold has not actually increased over the years but instead, the value of the United States Dollar has dropped drastically. As we step into 2022, we have seen the United States print more money in one year than they did in over 35 years. The value of the United States Dollar has slowly been decreasing but in the year 2021 and 2022 we will see its value drop like a gold bar off the side of a pirate ship.
How do we know that the printing of billions of new dollars will devalue the dollar and can gold reach $10,000? If you look back at history to any government who adopted the fiat currency system, you can see a stark trend. Rome, for example, realized that they were running lower and lower on “Cash” and needed to come up with a solution for how to come up with the shortage. They decided, since their coins were not backed by any standard, that they would collect their own coins and shave small portions from the edges of the coins. They would use the shavings to make new coins which would in turn lessen the value of the old coins. They also added holes in their coins so they could create more currency. This alarmed the Romans and they began to purchase REAL ASSETS since they knew their money was no longer worth anything.
That is the exact spot we are in as Americans. We are realizing that more money can simply be created within minutes which in turn devalues our wealth if we have saved cash. Like the Romans, we have seen people rushing to turn over their entire IRAs into gold because they have seen the massive increase of government overspend and devaluation of the dollar. People are realizing that they have put cash into savings for the past 40 years and it has slowly leaked out of their bank due to inflation. It is time to stop that leak now before the value of your IRA has dropped so much that you can no longer reach your retirement goals.
The question may be “Can gold reach $10,000 in 5 or 10 years?”
But… What you should really be asking yourself is “What can my dollar buy in 5 or 10 years?” WIth the amount of spending and printing of money that our government has done in 2021 alone is enough to inspire anybody with an IRA or any sort of savings to look into hedging against loss. Since there are so many people looking for a solution to this looming problem, there has been a plethora of experts weighing in to the question “Can gold reach $10,000?”.
Who is Saying Gold Can Reach $10,000?
- Business Week
- In a recent article of Business Week, Peter Schiff was noted to say that gold could reach $5,000 or $10,000 in the next 10 or even 5 years.
- The Capital Gold Group
- David Rossenberg, former economist for Merrill Lynch North America believes that gold reaching $3,000 is a very conservitave price target.
- The “World’s Best Gold Analyst” Alf Field answered the question “Can Gold Reach $10,000?” said it is possible with a runaway inflationary economy. Which… You can see we are in just the beginnings of said economy.
If you have never purchased gold in your life or even if you are an avid buyer, now is the perfect time to begin thinking about increasing your gold inventory. The value of the dollar is dropping day by day and there are no signs of the drop slowing down. The bills and plans that are being put onto the drawing board are showing evidence that the printing of more United States Dollars is unavoidable with the current administration.
At Patriot Gold Supply, we focus on facts and what we see happening in the world today. Today, we see major signs and red flags for those who are holding cash and retirement in stocks. Cash is not a physical asset and cash has lost its value ever since 1971. You do not want to be caught up at the end of the year with inflation at an all time high and the value of your IRA at an all time low. This is the time to be smart and think about what this means for your future.
Patriot Gold Supply has helped hundreds of families and couples convert their IRA into gold to hedge against inflation. If you look at the history of gold, you can see that those families are very happy that they made this transfer of their wealth. Over a combined 30 years in the industries we have been able to help many people hedge their wealth against uncontrollable inflation and we have resources for you no matter how far along you are into your gold investing journey.
One of our account managers can guide you through the process from start to finish. You can fill out the form below or simply call our team directly by calling (888) 959-1776.
We hope to speak with you soon and have answered the question “Can gold reach $10,000?”
Long live your wealth!
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