Gold is heading to $5,000 or higher and silver to $200, says Goldcorp founder and McEwen Mining CEO Rob McEwen.
"We have it tripled," McEwen tells Bloomberg in a Dec. 4 interview. "There's good reason. The debt that's going on in the world, it's accumulating very quickly, and gold seems to be tracking it. And politicians are very good at underestimating and overdelivering on their promise. When they say the debt's going to be here, it's always going to be much higher. And people are looking at it and saying, 'What's this doing to the currency I have?' And there's pressure building and looking to crush some of the major world currencies. ... There's massive amounts of debt. Right now it's at about $16 trillion; the White House said in February it's going to $26 trillion by 2022. It's just exceeding the ability of the economy to finance it, and it isn't happening just in the U.S. It's all around the world."
"We have it tripled," McEwen tells Bloomberg in a Dec. 4 interview. "There's good reason. The debt that's going on in the world, it's accumulating very quickly, and gold seems to be tracking it. And politicians are very good at underestimating and overdelivering on their promise. When they say the debt's going to be here, it's always going to be much higher. And people are looking at it and saying, 'What's this doing to the currency I have?' And there's pressure building and looking to crush some of the major world currencies. ... There's massive amounts of debt. Right now it's at about $16 trillion; the White House said in February it's going to $26 trillion by 2022. It's just exceeding the ability of the economy to finance it, and it isn't happening just in the U.S. It's all around the world."
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