Yes, prices of the safe haven yellow metal gold could possibly hit $2,000 per ounce, or more, in the shorter term as the precious metals gets scarce and rare to access on dwindling global production.
Gold has been steadily on the climb the past few days, hovering a six-month high on Tuesday above $1,700 per ounce, mainly triggered by an anxious investor confidence on the continuing global fiscal crisis.
This scenario had prompted Barrick Gold, the world's largest precious metals miner, to project gold will hit $2,000 per ounce in 2013.
"Gold could definitely surpass previous highs and go above $2,000 and even higher in the next year," Jamie Sokalsky told CNBC's 'Squawk on the Street' on Tuesday.
But prices could later on be dictated by a declining production of the metal.
"Production is tough to improve upon," Mark Cutifani, CEO of AngloGold Ashanti, told CNBC's 'Power Lunch.'
"The supply situation has been tough as it's difficult to get access to areas that have gold," Mr Cutifani said. He especially noted that the gold industry's output of the precious metal has essentially been flat for seven or eight years now.
Administrative costs likewise deter miners to further dig deep for the safe haven metal.
"There's cost creep across the industry," Mr Cutifani said.
Still, Richard O'Brien, head of Newmont Mining Corp, the world's No 2 gold producer, said $2,000 per ounce is highly attainable.
"Up is good... it is not unreasonable," Mr O'Brien told participants at the Denver Gold Forum.
Spot gold hit $1,731.20 an ounce in New York on Tuesday, up 0.4 per cent. It has risen 2.5 per cent this month to its highest level in six months. In all its golden history, gold prices have never reached above $2,000 per ounce. Its last all-time high record was made in Sept 6 2011 when it hit $1,920.30 per ounce.
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