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AIS Group exec calls $10,000 gold a "possibility" - Wealth Managers

January 15,2013


Bull market hasn't entered a euphoric "greed" phase yet, he says

John Hummel, chief investment officer AIS Group, thinks that in order for gold's run to be over definitively, investors' "greed gauge" for the metal has to register off the charts. He likened it to the dot-com bubble of the 1990s, where it seemed as if everyone wanted a piece of a frothy stock market.

There was a "euphoric 'I've got to have some of this'...that hasn't happened," Hummel said. "There's a huge amount of skepticism toward the bull market in gold. The greed gauge has to go a lot higher before" the rally completely exhausts itself, he said.

And the fundamentals still bode for higher gold, Hummel said. Although the ECB held off on cutting rates, the Fed's bond-buying remains intact. Meanwhile, investors are losing faith in paper money, as central banks around the world try and hold down their currencies. These factors "are driving the price of gold and that will continue to increase, unless there's some sort of dramatic change," Hummel said.

Yet reminiscent of the analyst who once famously predicted the Dow Jones Industrial Average would skyrocket to 36,000, Hummel said that in the very long-term, factors may eventually push bullion to $10,000.

"I would call it a possibility depending upon circumstances that develop. But do I put a high probability on it? No," he said.



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