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Gold Prices - What Analysts Are Saying

 

TheStreet.com - $2,500 (by May 2013) "I want to own gold here. I think gold is going to $2,500 eighteen months from now... Gold has been up for ten straight years and this going to be the 11th. Everything that is coming out of Europe is saying they're going to inflate to get growth... Everything coming out of China is chaos... Gold doesn't correlate with anything." - Jim Cramer
Source: Yahoo Finance (Nov 2011)

Bank of America Merrill Lynch - $2,150 - $2,200 (average in 2012) "From a technical perspective we believe that the bull trend for gold remains intact… with gold having not yet met any of the conditions necessary for a top, we look for significant strength in the years ahead, ultimately targeting a top between $3,000 and $5,000 an ounce [in 2013-2014]. For 2012 gold will target $2,150-$2,200..." - MacNeil Curry
Source: BOAML Analyst Report (Dec 2011)

UBS - $2,050 average in 2012 "[Gold] remains one of the top commodity picks for 2012 as 'most of the factors that pushed gold higher in 2011 are not going away,' according to UBS AG, which expects it to average $2,050 an ounce next year. 'So long as uncertainty abounds, gold has a fighting chance of outpacing many asset classes,' analysts including Julien Garran wrote in a report yesterday..." - Julien Garran
Source: Bloomberg (Dec 2011)

Morgan Stanley - $2,200 (in first half of 2012) "Gold will lead a rally in commodities in 2012 as Europe's sovereign-debt crisis continues to roil financial markets, spurring demand for the metal as a haven asset, according to Morgan Stanley. "There's a very strong chance that gold will re-challenge successfully the all-time high," said Peter Richardson, chief metals economist at Morgan Stanley Australia Ltd., who has studied the metals markets for more than two decades. [Gold] may climb to a record $2,200 an ounce in the first half, he said... The euro-zone crisis shows no sign of being 'close to a resolution' and the contagion risk spreading across Europe is just the beginning..." - Peter Richardson
Source: Bloomberg (Nov 2011)

Nomura - $2,000 (by end of 2012) "Nomura has raised its forecast for gold prices to $2,000 an ounce by the end of 2012, from $1,800 earlier. The brokerage said the low-interest rate environment in the U.S., the European Central Bank's easing monetary policy and the Bank of England's second round of quantitative easing among the reasons for the precious metal's attractiveness as an inflation hedge." - Research Team
Source: Marketwatch (Nov 2011)

CNBC - $2,400 (no period given) "Gold will top $2,400 an ounce. The long-term bull market in gold marches on. Gold won't make a straight shot to a new inflation-adjusted high. As long as the real return on U.S. bonds is negative and other countries debase their own currencies, investors will turn to gold as an alternative currency and another form of protection against ongoing debt problems in developed and emerging nations." - Sharon Epperson
Source: CNBC (Dec 2011)

Goldman Sachs - over $1,900 (in 2012) "Wall Street investment bank Goldman Sachs predicts that gold's bull run will continue into 2012 with a low interest rate environment and continued Europe debt worries... The investment bank expects the gold price to remain at recent high levels, peaking at over $1,900 per ounce in 2012." - Research Team
Source: ProactiveInvestors (Dec 2011)

US Global Investors - $3,600 (by 2017) "People get so caught up with the next three minutes for gold and they should really be focused on the next three years,' says Frank Holmes, CEO of U.S. Global Investors. 'Does anyone really believe in the long term strength of the U.S. dollar?' Since 1975, the dollar has lost 75% of its purchasing power and 98% of its purchasing power compared with gold. 'We're just going to have to live with this volatility for another 12 months,' says Holmes, who still thinks gold prices could double to $3,600 an ounce in five years..." - Frank Holmes
Source: TheStreet.com (Dec 2011)

Global Hunter Securities - $1,800 (in 2012) "What I am looking for is a gold price of $1,800 an ounce in 2012,' says Jeffrey Wright, senior research analyst at Global Hunter Securities. Wright says there could be spikes to $1,900 or $2,000, especially if gridlock in Congress brings up another budget battle and highlights the U.S.' own fiscal problems. 'Once we get back into those discussions, there will be further pressure on the U.S. dollar and a refocusing on gold as a safe haven asset.'" - Jeffrey Wright
Source: TheStreet (Dec 2011)

Leeb Capital Management - $2,500 - $3,000 (in 2012) "I'll give you my target for gold at the end of 2012, it's going to be trading somewhere between $2,500 and $3,000. This correction, in other words, is a non-event. The rubber band analogy applies here, for every dollar down on gold, it will mean an extra dollar on the upside when we get the reversal. It's so important for investors that are not seasoned, it's so important not to get shaken out of your position here. And if you have extra money on the side, this is a great buying opportunity." - Stephen Leeb
Source: KingWorldNews (Dec 2011)

Citigroup - $2,300 - $2,400 (by end of 2012) "While we remain cautious on Gold in the near term...we continue to believe that the bull market remains intact...we believe that 2012 may be reminiscent of 1978 when Gold rallied nearly 50% off the 1977 close. Such a move would likely put Gold in the $2,300-2,400 area in the 2nd half of 2012. On a longer term basis we expect even higher levels and target a move towards $3,400 over the next 2 years or so." - Research Team
Source: ZeroHedge (Dec 2011)

S&P Capital IQ - $1,900 (in 2012) "Leo Larkin, metals and mining analyst at S&P Capital IQ, thinks that $1,900 gold might not be that much of a stretch [in 2012]. 'Gold has been going up without interruption for 10 years' and a correction is totally normal, Larkin says. Gold has risen on average 17% annually over the past 10 years, and while Larkin doesn't expect such a juicy return in 2012, he does expect the up-trend to continue. 'The United States' M2 supply is up 9% from the beginning of the year and the monetary base is up 30%. They are setting the stage for higher [gold] prices,' argues Larkin..." - Leo Larkin
Source: TheStreet.com (Dec 2011)

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