On May 16, Bloomberg reported the results of a survey of 31 analysts, traders, and investors. The survey respondents predicted an average gold price at December 31, 2011, of $1,750, and even higher prices in 2012. For instance, Martin Murenbeeld, the chief economist at DundeeWealth, Inc. in Toronto stated, “There is no sign that gold has peaked. We’re going to find that the U.S. economy is not very strong. A low interest rate environment will remain for possibly all of 2012. The dollar will go down.”
The Black Swan: The Impact of the Highly Improbable