Seeing that gold prices are somewhat schizophrenic these days, I thought I’d surf the Internet to see what some of the “big” financial institutions are predicting concerning the direction the precious metal might take. I found there to be no shortage of gold price forecasts out there. From the MarketWatch blog The Tell on Tuesday:
Goldman slashed its three-month gold-price forecast to $1,615 an ounce from $1,825, its six-month forecast to $1,600 an ounce from $1,805 and its 12-month forecast to $1,550 an ounce from $1,800…
Also on Monday, a BofA Merrill Lynch Global Research report said the larger bull trend for gold remains intact. “From the perspective of contrarian opinion analysis, a bottom and bullish turn in gold is close at hand.”
And Morgan Stanley said gold prices are “nearing the bottom of their trading range of US$1,540/oz to US$1,800/oz.”
At UBS, analyst Julien Garren said a major gold rally is coming in the third quarter.
Last week, though, Citi was talking price hibernation for gold, as news that George Soros and another big hedge fund were backing off gold.
There’s also this from Bloomberg on the Taipei Times (Taiwan) website yesterday:
An inevitable unwinding of gold’s 12-year bull market has begun, Credit Suisse Group AG said on Thursday in a report.
Geez. Even these forecasts are all over the place.
As far as I can tell, the underlying fundamentals behind gold’s generally steady rise are still intact. The world’s central banks have the printing presses going at full speed in what some are calling a new global currency war. And just this Tuesday Federal Reserve Chairman Ben Bernanke reaffirmed his support for the central bank’s $85 billion bond-buying program, or what’s come to be known as QE4.
Yep, the yellow metal still has some glimmer left to it it seems
By Christopher E. Hill, Editor
Survival And Prosperity (www.survivalandprosperity.com)
(Editor’s note: I am not responsible for any personal liability, loss, or risk incurred as a consequence of the use and application, either directly or indirectly, of any information presented herein)
“Gold forecast melee: Goldman joins in, slashes forecast to $1,550.” The Tell. 26 Feb. 2013. (http://blogs.marketwatch.com/thetell/2013/02/26/gold-forecast-melee-goldman-joins-in-slashes-forecast-to-1550/). 27 Feb. 2013.
“Gold’s price cycle likely to have turned: analysts.” Bloomberg. 27 Feb. 2013. (http://www.taipeitimes.com/News/biz/archives/2013/02/27/2003555794). 27 Feb. 2013.
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