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David Tice: Gold To Hit $3,000

16 October 2009 69 views No CommentEmail This Post Email This Post

David Tice is another gold bull who predicts the shiny yellow metal will hit $3,000/ounce during this cycle. While not has bullish as other goldbugs like Peter Schiff who predicts $5,000/oz, he has the same philosophy behind his declaration.

Tice worries about the debasing of the US dollar, and our excessive reliance on foreigners to fund our deficit. Hower, unlike others of the Austrian School of economics, he believes the government was right to spend several hundred billion dollars last year because “we were going through a [financial] meltdown.”

But now that it appears that Congress is trying to prop up a dysfunctional system instead of using this crisis as an opportunity to reset the economy, he’s become frustrated.

We need to get away from a consumption-based economy. Yes, it’s going to be tough [and] accompanied by very bad economic statistics and a lot of unemployment. Yes it’s going to be painful [but] we cannot simply continue to have foreigners or the Fed buy our Treasuries, agencies and mortgage-backed securities, etc. We have no real choice.

But with policymakers and politicians unwilling to make any hard choices, Tice is sticking with dollar alternatives like gold, gold miners and foreign currencies, including the euro, Swiss franc, Norwegian krona and Canadian dollar.

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