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Johannesburg - Gold will likely reach between $1 700 and $2 000 an ounce by year end, Nick Barisheff, president and CEO of investment company Bullion Management Group said on Thursday.
Gold pushed beyond the $1 600 an ounce this week amid debt-ceiling concerns in the US and continuing sovereign debt problems in the euro-zone.
"It is not gold that is rising, but global currencies being devalued by governments by excessive debt and fiat (paper) currency creations that are falling," Barisheff said.
Barisheff said in the last decade, the Canadian dollar, yen and euro had lost more than 70%, while the pound and the dollar had both lost more than 80% of their purchasing power against gold.
"This will continue until fiscal and monetary discipline is restored, and there is nothing on the horizon to indicate that will happen any time soon," said Barisheff.