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Gold to go to $5,000 on world wide inflation?

Fri Jun 20, 2008 03:06PM | By Tony

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That is according to Christopher Wyke, London-based emerging market debt and commodities product manager at Schroder Investment Management which oversees about $10 billion of commodity assets. He may be on something as inflation accelerates around the world forcing people to look at gold for protection. Consider these stories and numbers -

German producer-price inflation, an early indicator of price pressures in the economy, accelerated to the fastest pace in almost two years in May on energy costs. Energy prices rose 15 percent from a year earlier and oil products were 25.9 percent more expensive, the statistics office said. Excluding energy, producer prices rose 2.9 percent.

India's inflation jumps to 13-year high of 11 percent on higher fuel prices. The wholesale price index, India's most-watched inflation gauge was up sharply from 8.75 percent the previous week, lifted mainly by the price index for fuel, power and lubricants. A year ago, the inflation rate was 4.28 percent.

Mexico's central bank unexpectedly increased its benchmark interest rate and said inflation may exceed its forecast this year and in the beginning of next.

The U.K. pound dropped the most in two weeks against the euro as traders pared bets the Bank of England will boost interest rates on speculation worsening inflation will stifle economic growth.

The dollar fell versus the euro on Monday, snapping a three-day winning streak, as a jump in euro-zone annual inflation to a record high sealed the case for a European Central Bank interest rate hike next month.

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