Gold will sell at $2,000 an ounce by the end of the year and could hit $5,000 an ounce by 2012-2014, Robert McEwen, chairman of U.S. Gold [UXG 4.04 -0.08 (-1.94%) ], a gold exploration company, told CNBC on Monday.
“We have declining annual production [of gold] and we have massive amounts of monetary stimulation that will debase the currencies around the world and cause people [to have] a loss of confidence and basically cause people to go to an asset that holds its values,” said McEwen.
Read More & Watch Video: Gold to Hit $2K by Year's End: UXG Chairman - CNBC
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