Roubini Says Rogers’s $2,000 Gold ‘Utter Nonsense’

Here's a quote from November 4, 2009 about the price of gold from Nouriel Roubini, NYU professor of Economics.  He's a respected expert who has an unshakeable faith in Keynesian economics.

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aOfwpkHV2clM&pos=5

Nouriel Roubini, the economist who predicted the global economic crisis, said a forecast by investor Jim Rogers that gold will double to at least $2,000 an ounce is “utter nonsense.”

There is no inflation or “near-depression” to drive gold prices that high, Roubini said today at the Inside Commodities Conference in New York. If a severe depression came to pass, with investors buying canned goods and hiding out in log cabins, “maybe you want some gold in that scenario,” Roubini said.

“Maybe it will reach $1,100 or so but $1,500 or $2,000 is nonsense,” Roubini said. Gold rose to a record $1,098.50 today in New York on speculation that central banks and investors will purchase the metal to hedge against a declining dollar.

What's that expression?  Those than can, do.  Those that can't, teach.  Hey Nouriel, stick to teaching your voodoo economics.