Ultimate gold price target is $5,000-$10,000

Gold last traded at $1,900 an ounce. Silver at $27.83 an ounce.

NEWS SUMMARY: Precious metal prices steadied Friday on safe haven buying amid data showing rising inflation. U.S. stocks headed for a winning week amid optimism over the U.S. economic recovery.

KITCO NEWS-"As chaotic price swings of the crypto world push investors back into gold and silver, the precious metals will start to build momentum, with the ultimate gold price target set at $5,000-$10,000, according to Guggenheim's CIO Scott Minerd.

'As money leaves crypto and people are still looking for inflation hedges, gold and silver are going to be much better places to go,' Minerd told CNBC in an interview.

It will take some time due to the sheer size of the gold market, but the precious metal will enter an 'exponential phase,' Minerd said.

The ultimate price target for gold is between $5,000 and $10,000 an ounce, he added. 'This is ultimately is in the cards. Silver traditionally lags. It is the poor man's gold, and it's the one that will have the largest move on a percentage basis. It is the high-beta version of gold,' he said."