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Market News : Updated January 14th, 2010

President and CEO, Rob McEwen, of Toronto based U.S. Gold, a gold mining company, told Reuters on December 22, 2009 that he thought gold would go to $2,000 per ounce in 2010.

Mr. McEwen said, “By the end of 2010 I see the gold price at $2,000 and before the game’s over at over $5,000.” He claims this will occur due to a lack of supply of gold and a weakening dollar. He also states that gold is a currency and that we are at a point in history in which gold could be used as such.

When asked if he thought that the economic situation would not be improving in the near-term he responded, “I think our governments will be printing more money and our dollar will buy less.” “There’s just too many dollars out there and too many people looking at their investments disappearing,” McEwen said. “The trend is that most Western governments right now are trying to solve the economic problems by printing money.”

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