Thursday, July 1, 2010

Gold To Go To $1,300: Most Accurate Forecaster

A survey of 18 gold analysts over the second quarter of this year put Anne-Laure Tremblay as the most accurate forecaster of the group: her call was within 0.1% of the actual rise. She believes gold will reach $1,300 by the end of this year. The second-most accurate forecaster, Jochen Hitzfeld, has called for $1,350.
“There are still concerns among investors about the solidity of the economic recovery,” Tremblay said in an interview in London. “The euro zone will see protracted weakness until well into 2011. Funds and/or central banks may switch away from the euro to gold, thus providing support to gold prices.”...

Gold averaged $1,195.27 in the second quarter as of 6:10 p.m. in London yesterday. Tremblay predicted $1,195 and Hitzfeld $1,200. The metal will trade as high as $1,400 this year, according to the median in a separate survey of 19 traders and analysts. Estimates ranged from $1,300 to $1,500.

“If the economy gets too weak then we will see some more quantitative easing measures and then the mistrust of the paper currencies goes on,” Munich-based Hitzfeld said. “Continuous investor demand, much lower scrap supply, stagnating mine supply and a return of emerging market gold jewelry bias” will support prices, he said.

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