Billionaire Investor says gold prices to move 'way past' all-time highs

Gold last traded at $1,827 an ounce. Silver at $23.87 an ounce.

NEWS SUMMARY: Precious metal prices steadied Monday on a sharply weaker dollar despite upbeat vacccine news. U.S. stocks tried to shake off a downtrend on stimulus progress hopes and a vaccine rollout.

KITCO--"Silver may be Thomas Kaplan's first love as he sees the potential for the precious metal to eventually push to $100; however, he is also not giving up on gold as he sees the yellow metal in the third-wave of a secular bull market that will take it 'way past new highs.'

Many investors turned bullish on gold in mid-2020 as central banks and governments flooded financial markets with massive liquidity to support the besieged global economy, devastated by the COVID-19 pandemic; however, Kaplan noted that gold was already in a bull market long before the pandemic hit.

'All the pandemic has served to do is to make people now understand that the question of money and what is money when clearly it can be printed at will,' he said. 'The debasement of currencies is obviously very, very bullish for gold.'

Not only is gold backed by solid fundamentals as a monetary metal, but Kaplan noted that gold looks good from a supply and demand outlook. He said that he sees the industry struggling to replace the ounces of gold that it has produced.