LOL
https://www.caseyresearch.com/articles/this-legendary-investor-says-gold-will-soar-by-at-least-81
Gold ripped higher today.
It had its best day in over a month, gaining as much as $11 before closing at about $1,103/oz.
Regular readers know that gold has been struggling. It gained 628% in a huge bull market from 2001-2011. Now, it’s down 42% from its all-time high. It dropped 17% in the past year alone.
But legendary resource investor Ross Beaty likes gold at today’s prices…
If you don’t know the name, Beaty is one of the most successful resource entrepreneurs of the last 25 years.
Beaty founded Pan American Silver (PAAS) in 1995. He built it into a powerhouse. By 2014, Pan American was producing 26 million ounces of silver per year.
Beaty also formed the group of Lumina Copper mining companies in the early 2000s. Since then, these companies have returned C$1.4 billion to shareholders… more than eight times the C$170 that shareholders invested.
In a recent interview, Beaty explained why he’s buying gold:
Why do I like gold? Partly because I’m a contrarian and nobody else likes it now, always a great bottom indicator. I like it because it’s money and has always maintained its value over millennia, and partly because its supply fundamentals are pretty good right now. Partly because it’s a kind of refuge in the storm that’s blowing around the world financial markets today with unprecedented moves in currencies and energy prices, geopolitical events, religious events, environmental events and on and on .
Beaty went on to say that he thinks gold will rise above $2,000/oz:
I’m not a real gold bug but I have to say that the older I get the more I feel comfortable in owning big gold resources in the ground managed by excellent people in low-risk deposits. Even if I’m wrong about gold and silver price moves (I expect gold will trade over $2000 an ounce by 2020 at the latest) these companies should outperform the market because they’re well run and have large mineable deposits at reasonably low gold prices, and if gold moves they will profoundly outperform the gold price.
More on gold in a moment.