Slide #19 - Gold is the buy of a lifetime
The manipulation of the gold price means that gold is way too cheap compared to stocks and bonds that are way too expensive. Frank Veneroso's work suggested a minimum of $600 as gold's natural equilibrium price back in 1998 without any panic out of paper money into gold. John Hathaway (portfolio manager for the Tocqueville fund) suggests that gold will be priced in four digits rather than three by the end of the current gold bull market.