Gold price can go to $1,900 per troy ounce, according to McEwen

The gold price could reach a level of $1,700 to $1,900 per troy ounce by the end of this year, according to expected gold connoisseur Robert McEwen. According to the gold expert, who has been active in the gold mining sector for many years, savers and investors will increasingly seek refuge in the precious metal due to a combination of factors. He expects that there will be more doubts about the stability of various currencies and about the sustainability of the huge public debts.

In addition to these factors, negative interest rates and uncertainty about the stability of the banking sector also play a significant role. As a result, investors will increasingly consider gold as an alternative safe haven. He said the following at a gold conference in Colorado Springs:

"Gold is a form of money with no counterparty risk. It is a store of value that has lasted for thousands of years. The biggest argument against buying gold was that it costs money to store. But now it costs you money to put money in the bank."

Gold price to $1,900

The 66-year-old Robert McEwen made the switch from the financial world to the gold mining sector years ago. He worked for Goldcorp in the past and managed to significantly improve the profitability of that company during that period. He now runs his own gold mining company McEwen Mining.

It's not the first time McEwen has given a very positive price target for gold. In 2009 and 2011 he already had very high expectations of the precious metal. In 2011, the gold price reached an all-time high of around $1,920 per troy ounce, but then the price also went down again. This year, the gold price has already risen by 24%, but according to the gold expert , the price of the precious metal can rise much further :

"There are many more people involved in the gold market than ever before. There is mass psychology. There are also many more reasons to worry now than there were in the past and something will happen at some point that will startle the market."

Gold price can go to $1,900 per troy ounce, according to McEwen