Gold to hit $5,000 as central banks rush to restock their coffers

Jim Willie of the GoldenJackass.com says we are on the verge of a "global monetary war" which will push the price of gold as high as $5,000 per ounce.

Writing for Silver Doctors Jim Willie says that in the wake of widespread reports that the coffers of central banks are devoid of their nominal contents a "global gold war" is set to ensue, with the German government's submission of gold demands to London and New York bankers acting as the opening salvo.

Following close on the heels of the LIBOR banker scandal the Allocated Gold Account scandal will further shake confidence in the international financial and monetary system and serve to push gold as high as $5000.

In the meantime QE and ZIRP will also push gold prices higher, as well as boost silver prices past the $60 threshold. In Willie's opinion this "permanent monetary easing" all but guarantees an "endless bull market" for precious metals.

Chart courtesy of Silver Doctors

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