Billionaires Predict Gold Will Soar to Unprecedented Heights

The price of gold has been on a rollercoaster ride over the past few months. It surged to record highs earlier this year, surpassing $5400 per ounce in late January, but then tumbled to about $4000 at the tail end of June.

A subsequent rally saw gold prices bounce back, but they recently dipped below $4400. Thomas Kaplan, a mining investor and billionaire, remains bullish on gold's future, forecasting that it could rise tenfold from its current price.

Kaplan, who is the chairman and chief investment officer of The Electrum Group, has been investing in the resources space since the early 1990s. He has already seen significant upside in gold prices, correctly predicting that they would reach $3000 to $5000 or even higher.

Fellow billionaire investor John Paulson also sees a bull market ahead for gold, stating that it will continue to grow as people lose faith in paper currencies.