Some major global financial institutions aren’t very bullish on gold these days. First, there’s the German banking and financial services company Deutsche Bank. According to a Reuters piece picked up on The Economic Times (India) website earlier today:
Deutsche Bank cut its forecast for gold prices in 2013, 2014 and 2015 on Friday, citing the sharp price correction in gold last month and upgrades to its US dollar outlook.
The bank lowered its 2013 gold outlook 6 percent to $1,533 from $1,637. It downgraded its 2014 gold outlook by 17 percent to $1,500 and its 2015 gold outlook by 25 percent to $1,450.
On November 14, 2012, I blogged:
Back in December of last year, Deutsche Bank predicted that gold prices would hit $2,000 an ounce in the second half of 2012.
The highest London P.M. gold spot price recorded last year turned out to be only $1,791.75.
The third largest bank in the world, BNP Paribas, isn’t too hot about precious metals’ prospects in the near-term either. Here’s what the Dow Jones Newswires had to say about the Paris-headquartered banking group and gold on the FOX Business website Thursday:
BNP Paribas Friday cut its outlook on gold prices for this year and next, but said it expects the metal to trade back above $1,600/oz in six months.
The bank now sees gold averaging $1,580 a troy ounce this year, down 5% on its previous forecast. In 2014, it expects gold to average $1,520/oz, also down 5% on its earlier outlook.
In my opinion, the fundamentals supporting higher gold prices appear intact.
Which they have for quite some time now.
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)
“Deutsche Bank cuts 2013 outlook for gold prices.” Reuters. 10 May 2013. (http://economictimes.indiatimes.com/news/international-business/deutsche-bank-cuts-2013-outlook-for-gold-prices/articleshow/19989072.cms). 10 May 2013.
“BNP Paribas Cuts Gold Outlook, But Sees $1,600/oz Retaken in 6 Months.” Dow Jones Newswires. 10 May 2013. (http://www.foxbusiness.com/news/2013/05/10/bnp-paribas-cuts-gold-outlook-but-sees-1600oz-retaken-in-6-months/). 10 May 2013.
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