There is a massive gold rush. I had predicted that Gold will reach $8500 an ounce. But now it seems it will reach $10000 an ounce. According to the World Gold Council, India & China are currently huge buyers of gold. They are the fastest growing economies. The wealthier they get, the more gold they will buy. In 2011, gold sales to China shot up 20% on the previous year to 769.8 tons. The data suggests China’s new rich are turning to gold to protect their wealth as the government seeks to tame the country’s giddy property prices. The Indian Rupee is depreciating. Today it is Rs.55.5 to the US dollar and Indians will buy gold to protect their assets. India remained the world’s biggest market for gold last year purchasing 933.4 tons of gold. And that is just two nations. I am not talking of other fast growing Asian countries. One of the reasons for the upward pressure on Gold is the US $16 trillion debt which is now over 100% of GDP and rising fast at the staggering rate of about $125-$130 billion per month or about $4.33 billion per day. This is a ticking time-bomb because the huge debts of Fannie Mae & Freddie Mac are not included and the US Federal Government Guarantees are also excluded. Add to this the situation in Europe which is worsening with Spain and Italy serious concerns now. Greece, Spain, UK, Portugal, Italy, Ireland are all deeply in debt. The EU firewall is still not high enough to insulate the rest of Europe from the debt contagion. In 2011, demand for gold in Europe surged as investors fretted about the worsening eurozone debt crisis. European investment in coins and bars rose 26 per cent to 375 tonnes, the World Gold Council said, making the region the largest market for physical gold investment products. BUY GOLD. In 1974, gold was $65.30 an ounce and on March 28, 2012 it was $1657.90 an ounce, A GROWTH OF 2438.90 PERCENT. Today it is $1738 & IT WILL NOW JUMP TO OVER $10000 AN OUNCE. On 9 April 2012, CNN and Richard Quest carried a story on the rise of Gold on “Quest means Business” CITI says GOLD WILL HIT $2,400/OZ IN 2012 and that’s not all. Citifx, the foreign exchange portion of Citigroup said that gold’s longer term prospects are $3,400/oz and that the precious metal will outperform major currencies, bonds and equities. The World Bank has cut China’s 2012 growth forecast to 8.2pc and India’s growth to 6.9%. The World Bank`s report said on 12 April 2012 that “The Chinese economy is in the midst of a gradual slowdown,” This is not good news and reinforces my forecast about investors turning to Gold. Goldcorp founder and CEO of McEwen Mining Inc, Rob McEwen, went on record on Bloomberg news with a forecast that Gold will reach $5000 per ounce soon. The Canadian based gold icon sees significant gains ahead for gold. McEwen expects gold prices to hit $5,000 per ounce, a 300% increase from current prices. McEwen’s time frame is reasonably short, and sees prices reaching the predicted levels by 2015-2016. I am going even further predicting Gold to reach $10000 per ounce very soon due to rising inflation in China , the depreciating Rupee in India and its stubbornly high inflation, the dangerous current impasse in Iran on the nuclear issue, the calamitous and worsening situation in Europe with their debt crisis (In Spain alone, unemployment among the youth has reached almost 50% which means one out every two Spanish young have no jobs. Spanish bond yields are at 6.28pc which is unsustainable. Italy is next), the alarming US debt of $16 trillion USD and growing fast at the galloping rate of about $125-$130 billion per month or about $4.33 billion per day. Japan is in no better shape with extremely high debt. Just like the housing bubble burst unexpectedly on the world in 2008, this debt bubble will explode very soon. When that happens, people, Governments, Central Banks, investors and companies will rush to Gold to protect their savings and balance sheets. My forecast of Gold hitting $10000 an ounce may then turn out to be too modest and Gold may zoom even higher than what I am predicting.