price of gold in 2011 - what affect on cfr sp?

Gold Outlook 2011: Irreversible Upward Pressures and the China Effect

Excerpt from speech presented by Nick Barisheff, January 6, 2011 at the Empire Club 17th Annual Investment Outlook Luncheon

As safe haven demand accelerates, there will be a transition from the $200 trillion of financial assets to about the $3 trillion of above ground gold bullion. Of the $3 trillion of above ground gold bullion about half is owned by central banks and half is privately held. The privately held gold is largely held by the world?s richest families and is not for sale at any price. The central banks are now net buyers. If the world?s pension funds and hedge funds moved only five percent of their assets into gold, which these days seems quite conservative, gold would trade above $5,000.

So in conclusion, I will say that without any new financial crisis, both mid-term and long term trends are in place to ensure gold and silver will continue rising through 2011 and well beyond. For those of you who are looking for a prediction?last year at the Empire Club, I forecasted that the price of gold to be between $1300 and $1500 at the end of 2010. We ended up right in the middle at $1405. For 2011, I recently forecasted it may climb to $1,700 to $2000 per ounce based on the last five years performance and the factors I have presented today.