Can Gold to Hit $2,500 in 3 Years?

Bloomberg reported that Newmont Mining’s chief executive, Richard O’Brien mentioned that the price of gold could rise to $2,500 per ounce in three years as investors take to buying the yellow metal as a hedge against inflation.

As quoted in the market news:

Gold has risen for 11 straight years, reaching a record $1,923.70 an ounce on Sept. 6, 2011, in New York as investors add to holdings using exchange-traded products and central banks expand reserves. O’Brien said in September 2011 that gold may reach $2,000 an ounce by the end of that year and $2,300 by the end of 2012.

Click here to read the full Bloomberg report.