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)
Capital Economics - $2,500 (by 2013) "The monetary policy backdrop is highly favorable' for gold... 'Interest rates are likely to stay low in the advanced economies for the foreseeable future, minimizing the opportunity cost of holding an asset like gold that pays no income.' And in the event of a disorderly Greek default, gold is still likely to benefit more than any other currency, they said. The Capital Economics economists expect gold prices to reach $2,500 an ounce no later than 2013 as doubts over the survival of the euro come to a head."
Source: Marketwatch (Oct 2011)
Credit Suisse - $1,850 (by end of 2012) "Credit Suisse raised its 2012 gold price forecast, saying the clear beneficiary of the uncertainty and dislocations in financial markets has further upside with the crises set to continue. ...Given that many of the factors that have underpinned the rapid increase -- most importantly, fears of a global meltdown -- remain in place, we expect gold prices to continue to recover over the balance of 2011.' The brokerage now sees gold prices at $1,850 an ounce in 2012." - Tom Kendall
Source: India Times (Oct 2011)
Goldman Sachs - $1,860 (by October 2012) "As we expect gold prices will continue to be driven in large measure by the evolution of U.S. real interest rates, and with our U.S. economic outlook pointing for continued low levels of U.S. real rates in 2012, we continue to recommend long trading positions in gold and reiterate our 12-month price target of $1,860/oz."
Source: Platts (Oct 2011)
Hermes Investment Management Ltd. - $1,850 (by December 2011) "Gold may gain 12 percent to $1,850 an ounce by December... Gold is 'a good hedge against any run in the European sovereign debt and banks, and any macro-driven routs in the U.S. We look to be long gold because of our concerns surrounding Europe, because the problems don't look to have been solved in a meaningful way." - David Hemming
Source: Bloomberg (Oct 2011)
Societe Generale - $2,175 (average in 2012) "Societe Generale said it remains broadly bullish on the outlook for gold despite the recent retrenchment in its prices, but lowered its 2012 average price forecast to $2,175..."
Source: Reuters (Oct 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)
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)
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)
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