Tuesday, December 8, 2009

Wilbur Ross Gold May Hit $2,000

Billionaire's Roundtable on Gold and Commercial real estate

“To me gold is a psychological commodity,” Ross, head of WL Ross & Co. told CNBC.

“It’s not really an industrial commodity. There’s plenty of gold producible, especially at these prices. So it’s really a momentum trade on a global scale rather than anything that has intrinsic value.”

“Part of the reason that you’ve seen the kind of increases in the price of gold is the fact that if you really step back from the world, almost universally and in tandem, the paper currencies of the world have been devalued,” he told CNBC

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