Bloomberg survey forecast
According to a survey of the four most accurate precious metal forecasters tracked by Bloomberg over the past two years, gold prices will rise to $1,713 this year and $1,938 in 2012.
Option traders are also betting big on gold rally to continue. The number one spot is captured by the speculators betting on a $2,000 by November, followed by $1,800 for the same month, data shows as of July 29.
Seems like our price forecast of $1,750 for 2011 is rather conservative for some gold market players!
The most accurate forecasters tracked by Bloomberg were Jochen Hitzfeld of UniCredit SpA in Munich; Jason Schenker of Prestige Economics LLC in Austin, Texas; Anne-Laure Tremblay of BNP Paribas SA in London; and Thorsten Proettel of Landesbank Baden-Wuerttemberg in Stuttgart, Germany.
Capital Economist Forecast: “As inflation fears mount, the price of the precious metal will be pushed to average $1,600/oz in 2011 and then reach near $2,000/oz by the end of 2012, it has been forecast, as investors clamour to buy safe haven assets.”
GO...GO....GO...GOLD......
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