He makes this forecast, though: as gold keeps going up, the formerly ignorant will jump in and push the price even higher.
There’s no questioning whether gold is cheap at $1,500 an ounce; it’s not. But I suspect that by the time this great bull market is over everyone – including the ones that “don’t get it” — will be forced into the market and will chase gold north of $2,000 or $3,000 an ounce. That period will coincide with the next currency crisis or sovereign debt crisis – a very big secular event that will push the non-believers into gold.
The global exchange rate system is a very sick and distorted mechanism. Gold continues to act as an alternative currency outside the confines of the bulging credit and debt universe and that’s a trend that won’t end any time soon.
The trouble with that procession is the fact that the skeptics tend to get sucked in at or near the top. Once gold's long-term bull market turns into a long-term bear market, the gold skeptics will have further reason to be averse to gold because they'll get burned.
And so it goes...