Gold could reach $30,000, $50,000 says investor whose past prediction came true
Investor Thomas Kaplan forecasts gold could reach $30,000 to $50,000, up tenfold from current levels around $4,500.
Thomas Kaplan told Kitco News gold could rise tenfold from its current price of about $4,500 per ounce. In 2019, when gold was below $1,300, Kaplan predicted it would reach $1,900 to $5,000 and beyond.
That call proved accurate. Kaplan is chairman of The Electrum Group, an investment firm focused on natural resources.
He chairs NOVAGOLD, which develops Alaska's Donlin gold project. Billionaire investor John Paulson, who profited from shorting subprime mortgages, also sees a long bull run ahead.
Gold has bounced wildly in recent months, hitting US$5,400 in January before falling to US$4,000 in June.
Why it mattersKaplan's track record of accurate predictions gives his new forecast weight. It influences how people invest in gold and save.
AustraliaAustralian investors holding gold or considering it as protection against currency weakness would benefit from understanding the reasoning behind these bullish forecasts.
✓ Claims checked against the source. checked 11 d ago
