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Roubini: gold rush is over

Economist Nouriel Roubini projects that the price of gold will plummet to about $1000 before the end of 2015. It his view, gold, which was priced at $800 per ounce in early 2009 and hit beyond $1900 in 2011, had all the features of a bubble.

Citing economist John Maynard Keynes, Mr Roubini said that gold will remain a “barbarous relic with no intrinsic value” and mainly used as a hedge against "mostly irrational fear and panic."

"While gold prices may temporarily move higher in the next few years, they will be very volatile and will trend lower over time as the global economy mends itself. The gold rush is over," he concluded.

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