What is the CPM Group’s gold forecast for 2014 and beyond?

Our view is that gold and silver prices have made their lows, most likely. We think that the bulk of the decline is behind the market, if not all of it. We don’t necessarily see prices rising sharply for the next couple quarters, but we think that as time goes on gold and silver prices will rise. Especially gold prices could easily make new records within the next 7-10 years. The reason we say that is because of all those long-term economic and political and financial imbalances and weaknesses that existed prior to 2008 are still there. We’ve done nothing to fix them and in fact some of the things that governments have done have made them worse. So the banking system today is probably much more fragile than it was in 2008. Thanks to the unintended consequences of bad regulation. We are just as vulnerable to another fat tale as we were in 2008-2009. Most investors believe that and know that, so they will continue to buy gold and silver.