Dundee Economist Says Dollar Diversification Will Turn To Gold
Source: Mineweb (2/6/07)
Respected metals price and currency forecaster Dr. Martin Murenbeeld Tuesday predicted a stronger gold price in 2007, an overvalued U.S. dollar currency, limited supply and higher gold investment demand.
During a presentation at 2007 Mining Indaba in Cape Town, Murenbeeld, Chief Economist of Canada’s Dundee Group, forecast a 2007 gold price ranging from $674 to $707 to $755 per ounce.
He asserted that the U.S. dollar exchange rate was significantly overvalued, ranging between 15% and 35%, while the current U.S. account balance had risen to 7% of GDP from 3% a couple of years ago.