Gold to go sharply higher up to $1800/oz says Rene Marion

Gold to go high but Silver to go even higher says Rene Marion, Gammon Gold president/CEO a Toronto based company says that he sees gold going to $1500 in the fall , because of the high inflation coming the tragedy in Japan which will add to inflationary pressure throughout the world for a lot of commodities and the devaluation of the US Dollar , Marion sees the Gold price going to $1500 dollars in the fall after we got through the summer lows and then an increase into 1800 , but silver will not only follow but surpass gold mainly because of industrial use that is expanding linked into the tragedy in Japan

JAMES TURK : Gold is really in backwardation

JAMES TURK : Basically interest rates are out of whack. Gold interest rates are higher than Labor and because interest rates are so out of whack there should be arbitrages coming into the market to bring interest rates back into their normal patterns. The net result of this, because there are no arbitrages I don't really think arbitrage opportunity exists which means that the reported rates are not actually accurate and that gold is really in backwardation, it's not really trading in contango which is really what is happening in the physical market as well. The demand for physical metal is very strong and as a consequence I really think there's a backwardation in the gold market and that the GOFO rate and the contango on the Comex are not really a true representation of prices at this moment in time.
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