David Morgan: “… silver around the $40 level or higher and gold over the $1,900 level by the latter part of the year. I'm looking for over $2,000 gold, probably around the $2,300 level. Silver well over $40. I said $60 earlier in the year -- I'm not sure we'll get quite that high.”
Bank of America: “… cuts its gold forecast for this year by 5.4% to $1,750/oz from $1,850/oz … maintains its view that gold will target $2,000/oz this year.”
UBS Wealth Management: “… lowered his 12-month price forecast to $1,820 an ounce from $2,200 previously on lower than expected financial demand.”
Societe Generale On QE3
CNBC quoting a Soc Gen research note I guess was written pre-FOMC minutes’ no QE3: “We consider the drop in the gold price to be a buying opportunity as we expect the U.S. economy to surprise on the downside over coming months, which should result in the implementation of QE3…” Egg meet face.
Download today’s full Blog Watch (pdf 246kb) for more reviews, including:
No Manipulation In The Gold Market Today
Blogger Dan D goes in hard on those (specifically Jim Sinclair) claiming the FOMC minutes were a manipulation. He also goes after Sinclair for raising the “selling more gold than is mined in x days” meme - one of my pet hates too!
ETFs Dumb Down Investing
Not coincidentally, I follow with Grant Williams’ piece featured by Financial Sense that sees a ‘dumbing-down’ of the investment process thanks to a cornucopia of simple investment vehicles in the market.
It is with some trepidation I report on CNBC’s All-America Economic Survey where “37 percent of respondents said gold is the ‘best investment’, with real estate at 24 percent and stocks coming in third at 19 percent.”
India Import Drop
Big drops in Indian imports reported by Mineweb are creating some headwind for gold and silver.
Addison Wiggin makes a great quip while doing a bit of Warren Buffett bashing.
Debt To GDP
Interesting figures from The Motley Fool on total debt to GDP ratios: US at 279% and Australia … 277%. Wait, I thought we were different..!
Neil Charnock has an interesting take on the implications if gold is accepted as a “high-quality liquid asset” under Basel3.