Societe Generale Strategist: Gold Heading To $10,000 An Ounce

“Gold corrected 47 percent from 1974-1976, before rising more than eight times to $887 per ounce in 1980. A steep correction is normal before the parabolic move… Holding gold is a bet against central banks competency and given their track record that is certainly a bet I’d be happy to still take.”

-Albert Edwards, Societe Generale strategist, in a weekly strategy report from April 25, 2013

Albert Edwards, a strategist over at French banking and financial services company Societe Generale, is making the financial headlines today. Ben Eisen wrote in The Tell blog on the MarketWatch website this morning:

This just in: Societe Generale Strategist Albert Edwards sees a massive market crash on the horizon.

The S&P 500 index will tumble to 450. Investors will bid up haven assets like gold, which will climb seven-fold, and the 10-year Treasury note, whose yield will fall below 1%, he writes in his latest note to clients.

Gold will climb seven-fold? Exactly how high does Edwards see the yellow metal going? From the headline of Eisen’s post:

“Gold will climb to $10,000 when the correction comes, says SocGen’s Edwards”

Eisen also noted that Edwards making a gold price call of $10,000 isn’t exactly news. From the piece:

Ok, so maybe it’s a given that SocGen’s biggest permabear is still, well, a bear. He made the same call back in April, and he’s had the S&P target of 450 as far back as 2010.

Jenny Cosgrave reported on the CNBC website back on April 25:

Gold prices will top $10,000 per ounce, the stock market will tank and Treasurys will yield less than 1 percent, Societe Generale’s Albert Edwards forecast in a trademark bearish report on Thursday…

Edwards advised investors to take refuge in gold, and added that gold’s current fall-off was still in sync with his ultra-bullish outlook on the precious metal.

$10,000 gold. Hmm.

So why should anyone take what this investment strategist is repeating seriously?

Well, back in 2011 Reuters did credit Edwards for successfully-predicting the Asian financial crisis of 1997-98 and U.S. housing bust, while there were plenty of his colleagues around who saw neither.

By Christopher E. Hill, Editor
Survival And Prosperity (www.survivalandprosperity.com)

(Editor’s note: I am not responsible for any personal liability, loss, or risk incurred as a consequence of the use and application, either directly or indirectly, of any information presented herein)

Sources:

Eisen, Ben. “Gold will climb to $10,000 when the correction comes, says SocGen’s Edwards.” The Tell. 30 Aug. 2013. (http://blogs.marketwatch.com/thetell/2013/08/30/gold-will-climb-to-10000-when-the-correction-comes-says-socgens-edwards/). 30 Aug. 2013.

Cosgrave, Jenny. “Warning! Stocks to Crash, Gold to Top $10,000: Albert Edwards.” CNBC. 25 Apr. 2013. (http://www.cnbc.com/id/100672709). 30 Aug. 2013.

Brettell, Karen. “From Ice Age to hyper-inflation with SocGen bear.” Reuters. 18 Aug. 2011. (http://www.reuters.com/article/2011/08/18/us-edwards-socgen-idUSTRE77H31320110818). 30 Aug. 2013.

Share

Tags: , , , , , , ,

Friday, August 30th, 2013 Bonds, Commodities, Government, Investing, Precious Metals, Stocks
Survival And Prosperity
Est. 2010, Chicagoland, USA
Christopher E. Hill, Editor

Successor to Boom2Bust.com
"The Most Hated Blog On Wall Street"
(Memorial Day Weekend 2007-2010)

PLEASE RATE this blog HERE,
and PLEASE VOTE for the blog below:



Thank you very, very much!
Advertising Disclosure here. Ad captions last reviewed/updated 4/18/17.
ANY CHARACTER HERE
Freeze Dried Food SPRING ADDITIONAL 15% DISCOUNT (promo code- home page); Free Gift w/ Purchase; Free Shipping (domestic orders). Review coming soon.
ANY CHARACTER HERE
Family-Owned & Operated in Chicago Suburbs! SAVE 10% OFF ALL ITEMS (promo code- home page); Free Shipping (U.S. orders) & Returns. Review coming soon.
ANY CHARACTER HERE
Buy Gold And Silver Coins BACK-DATED SILVER & GOLD EAGLE SALE!; Secondary Market Silver Coin/Bar Sale (1 oz. coins, 10 oz., & 100 oz. bars); 90% Silver U.S. Dimes & Quarters Sale; U.S./World Gold Bullion Coins/Bars also on sale; Free Shipping on U.S. orders $99 and up (only $5.95 below $99!). BGASC reviewed HERE.
ANY CHARACTER HERE
BullionVault World's Largest Online Investment Gold Service taking care of $2 billion for over 65,000 users from 175 countries. BullionVault.com reviewed HERE.
ANY CHARACTER HERE
SAVE 20% OFF ALL CASE PACKS!; BUY 3-MONTH SUPPLY GET BREAKFAST KIT FREE!; Big Savings on "Deal Of The Day" page; Free Shipping on orders over $79. MyPatriotSupply.com reviewed HERE.
ANY CHARACTER HERE
bullet proof vestsWorld's First Bulletproof Baseball Cap only $129; Bulletproof Ceramic Plate (NIJ Level III Stand-Alone) only $169; Bulletproof Backpack/Messenger Bag Panel only $99. BulletSafe reviewed HERE.
ANY CHARACTER HERE
Survival Titles Save 20% SAVE 35% ON SURVIVAL TITLES! (promo code- home page); Discontinued Title Sale- Savings up to 75% Off Original Price. Paladin Press reviewed HERE.
ANY CHARACTER HERE
This project dedicated to St. Jude
Patron Saint of Desperate Situations



happyToSurvive

Categories

 

Archives

RSS Chris Hill’s Other Blog: Offshore Safe Deposit Boxes

  • Degussa Singapore Launches YouTube Channel
    It’s been some time since I last blogged about the first Asian branch of Degussa, a leading international player in the precious metals world. Degussa Singapore opened its doors at 22 Orchard Road in October 2015 and operates a safe deposit box service in addition to selling bullion bars, coins, and precious gifts. Yesterday I […]
  • Nomad Capitalist’s 5 Best Countries For Offshore Gold Storage
    Research related to Monday’s post about precious metals storage in Singapore led me to a piece published last fall by Andrew Henderson over on the Nomad Capitalist website. I’ve mentioned Andrew and his company before on the blog, but for those readers not familiar with them, Henderson is the founder and managing partner of Hong […]
  • Singapore’s ‘Strong’ Precious Metals Storage Infrastructure Anchors Trading Hub Push
    It’s no secret that Singapore has become a global leader in the storage and safekeeping of private wealth. In fact, the last mention of the Southeast Asian city-state on this blog concerned a December 12, 2016, article on the The Business Times (Singapore) website which noted privately-owned precious metals from around the world are finding […]
  • List Of Offshore Private Vaults Updated
    The list of private, non-bank vaults outside the United States (offering safe deposit boxes/lockers at a minimum) located on this blog’s sister site- Offshore Private Vaults- was recently updated. Safe deposit facilities now open for business have been added under the following countries: -Hong Kong (Royal England Safe Deposit Box Ltd.) -Thailand (Magna Carta Law […]
  • Next Degussa Numis Day To Take Place May 4, 5
    Degussa, a leading international player in the precious metals world which also offers safe deposit boxes (for customers) at branches in Germany, Singapore, Spain, and Switzerland, has just posted information about their next Numis Day (first blogged about here) at their Geneva and Zurich showrooms. From their website: The Next Numis Day We appreciate and […]