Gold will reach $2,000 in the next three to six months, according to the chief investment officer of one of this year's most successful hedge funds.
Tony Hall of Duet Commodities Fund Ltd., which has returned more than 30 percent this year, told Bloomberg Television that gold's price decline last month does not mark a change in the metal's overall trend.
The decline is more of a healthy retracement than a change of the trend. I do think the trend is still in place and in the next three to six months we're going to reach the $2,000 mark.
Hall also said he believes a recession will be avoided, but no matter whether or not there is a recession gold will make a solid investment.
Gold is quite a chameleon in terms of what it's used for. If things are going well then it can be an inflation hedge or a store of value. If we do have a crisis, it can be a safe haven. I personally think we're going to avoid a recession.
Mike Obel assigns, edits and writes stories about business, markets, finance and economics. Before coming to International Business Times, he worked on the Finance Desk of...