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Ardent Listener
Administrator
USA
4841 Posts |
 Posted - 07/17/2010 : 06:39:29
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Goldman Sachs lifts gold forecast to $1,355/ounce
LONDON (MarketWatch) -- U.S. investment bank Goldman Sachs Group Inc. /quotes/comstock/13*!gs/quotes/nls/gs (GS 145.22, +6.16, +4.43%) Thursday raised its 12-month forecast for gold by a modest 1.5% to $1,355 a troy ounce, citing a prolonged period of low interest rates and persistent concerns over European sovereign debt.
Goldman said it still believed gold prices will decline beyond 2011 once the U.S. Federal Reserve tightens monetary policy and recommended producers consider selling their production forward.
The bank raised all its forecasts for base metals except for zinc, which it slashed by 18% to $2,225 a metric ton.
Slowing growth in Europe and China, as well as strong Chinese zinc production, will keep the market in surplus longer than expected, it said.
Goldman raised its 12-month forecast for nickel by 167% to $20,000/ton. Rising demand will more than offset the resumption of nickel production at Vale SA's Ontario operations, where a one-year strike ended last week, it said.
The bank lifted its forecasts for copper and aluminum 1.4% and 2.5% to $8,050/ton and $2,225/ton, respectively. Goldman said copper remained its favorite metal for long positions as inventories continue to decline and the supply deficit should grow this year and next.
Goldman raised its silver forecast 1.3% to $22.60/oz, largely due to its improved outlook for gold.
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Think positive. |
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Kiwiman
Penny Pincher Member
225 Posts |
Posted - 07/17/2010 : 12:31:42
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| i need to get some gold |
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fb101
Administrator
USA
2856 Posts |
Posted - 07/17/2010 : 12:45:25
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| Hey! Methinks they need to generate some interest to short into. |
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Ardent Listener
Administrator
USA
4841 Posts |
Posted - 07/17/2010 : 21:30:18
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| I like how they raise their forecasts for all the metals except for zinc. I must be all the zinc dumping all you penny sorters are doing. |
Realcent.forumco.com disclosure. Please read.
All posts either by the members, moderators, and the administration of http://realcent.forumco.com are for your edification and amusement only. It is not the intent of realcent.forumco.com or its host to provide investment, medical, matrimonial, legal, security or tax advice and nothing posted here should be considered to be so. All rights reserved.
Think positive. |
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Goldman Sachs raises metal price forecasts
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