ready for a 20 gold bull market?

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    *At the Denver Gold Conference, a report on said Tocqueville Gold fund's manager John Hathaway's speech was the highlight of the session.

    Mr Hathaway said gold is the "best kept secret" in investing, suggesting gold's five year outperformance vs the S&P 500 is just the beginning of a long term secular upswing that could last upto 20 years and move to $1000 per oz before the bull market ends.

    Mr Hathaway said the most important factor driving gold is that monetary policy is being driven by deflationary fears. The Fed is expanding the money supply and talking about "unusual methods" for combating deflation. "The more truculent the Fed is (regarding deflation) the better prospects are for concern about paper assets" Mr Hathaway was quoted as saying. He believes that the Fed's "reflation" efforts will exacerbate the dollar's decline and ultimately result in higher interest rates, eroding the appeal of equities as well as bonds."

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