Rob McEwen: Gold price should be $21000 if you follow history

Historically, gold prices have climbed much more than what we have seen so far during bull rallies, and if we apply historical multiples, gold should be trading closer to the $8,000 to $21,000 an ounce price range, this according to Rob McEwen, chairman of McEwen Mining. 

“Gold from 1970 to 1980 went $40 to $800, so a 20x move. And then it dropped to $250 in 1999 and 2001 and ran to $1,900, that was a 7x move. If you apply any one of those multiples to the lowest low we had recently of $1,050, you could see $8,000 to $21,000 price on gold,” McEwen told Kitco News on the sidelines of the Precious Metals Summit in Beaver Creek.

- Source, Kitco News