Agoracom Blog

Boone Pickens Predicts Higher Gold Prices On CNBC

Posted by AGORACOM at 7:16 AM on Tuesday, July 8th, 2008

In a CNBC special feature this morning discussing solutions to America’s energy crisis, Boone Pickens (and Byron Wein, Chief Investment Strategist at Pequot Capital) predicted higher gold prices as Chinese and other large holders of US dollars “look for alternatives”.

Why? Their extensive dealings with investors around the world reveals they are beginning to feel “skiddish” about the size of the $US holdings and looking for alternatives. Gold was the first and only alternative they mentioned.

During the interview, Boone and Byron make it pretty clear they’ve been around and seen it all, including the oil shock of the early 70’s. As such, when they speak we should listen. To this end, you can view clips of his extensive energy solutions on Squawk Box this morning. Some interesting tidbits:

  • Cars Per Thousand People (USA = 750; World = 120; China = 4)
  • Barrels Per Person Per Year (USA = 25; China = 2)
  • $US 700 Billion Is Heading Out Of The USA This Year To Pay For Oil

Wow. China clearly has years of increased oil consumption in front of it.


One Response to “Boone Pickens Predicts Higher Gold Prices On CNBC”

  1. […] trading around $75 wasn’t that far of a stretch as the likes of Boon Pickens predicted that price a while […]