Close X Cookies are necessary for the proper functioning of 24hGold.com. By continuing your navigation on our website, you are accepting the use of cookies.
To learn more about cookies ...
EnglishFrench
Gold & Silver Prices in

2012 Gold Estimates Lowered By Banks - But Remain Bullish

IMG Auteur
Published : January 18th, 2012
629 words - Reading time : 1 - 2 minutes
( 0 vote, 0/5 ) , 2 commentaries
Print article
  Article Comments Comment this article Rating All Articles  
0
Send
2
comment
Our Newsletter...
Category : GoldWire

 

 

 

 

Gold’s London AM fix this morning was USD 1,657.00, GBP 1,077.09, and EUR 1,290.80 per ounce.


Yesterday's AM fix was USD 1,662.00, GBP 1,080.34, and EUR 1,299.76 per ounce.



Cross Currency Table – Bloomberg


Spot gold has swung between a low of $1,645/oz and a high of $1,660/oz in Asian and early European trading after rising another 1.25% yesterday. Gold spiked above €1,300/oz on continuing concerns about the Eurozone and the euro.


The yellow metal climbed to $1,667.90 yesterday its highest since December 13th and an increase of 6.7% in 2012, as the dollar fell. The dollar's weakness was attributed to poor US production and homebuilder data combined with Greece announcing it is nearing a deal on its debt. Prime Minister, Lucas Papademos is resuming private talks with the bondholders today.


Portugal will test investor appetite as it launches its debt auction today. Concerns about financial stability in Hungary and contagion risk in the Eurozone continue.


India raised its tax on imports of gold bars and coins (2%) and silver (6%) yesterday. This is a 90% increase on gold and double the previous amount charged on silver. Traders and analysts do not think that the increase will have an effect on the strong demand from Indian consumers. The increase in duty is not that large in rupee terms given the strong rise of gold in rupees in recent years. 


Current weakness in the market provides another buying opportunity and is a good time to accumulate a position for the long term.



Gold Spot (Euros) €/oz  - Daily 1/18/11-1/18/12 - Bloomberg


The world's biggest primary silver miner, Fresnillo, had flat silver production in 2011. Output is only expected to remain stable in 2012. 


African Barrick Gold said on Wednesday fourth quarter gold production fell 11% and missed its annual production targets.


Despite price rises seen in 2011, gold and silver mining is remaining static contrary to claims by gold bears that higher prices would lead to increased production and therefore increased supply.


Geological constraints may be impacting mining companies ability to increase production of the precious metals.


Standard Bank has said it lowered its average 2012 gold price forecast by 6 percent to $1,780 an ounce, but continues to expect prices of the precious metal to touch new highs in the latter half of this year.   


"We maintain that gold will reach new highs this year but, given our dollar view, we believe that these highs will be reached only in the second half of 2012," the analyst said in a note. Standard Bank expects the U.S. dollar to gain strength, especially against the euro, over the next quarter. 


A few other banks have recently lowered price forecasts for gold, including ANZ and Credit Suisse – however the majority remain bullish on gold’s outlook for 2012.


For breaking news and commentary on financial markets and gold, follow us on Twitter.


NEWS


(Bloomberg)
Gold Climbs for Third Day as Dollar Weakens on Optimism Over Economic Data


(Reuters)
Gold off one-month high; euro zone eyed


(Financial Times)
Central banks increase gold lending


(International Business Times)
Turkey Adds 63 Tonnes of Gold Due to Acceptance of Metal as Reserve Requirement from Banks


(Economic Times)
Government changes import duty on gold to 2% of value, silver to 6%


COMMENTARY


(ZeroHedge)
World Bank Cuts Economic Outlook, Says Europe Is In Recession, Warns Developing Economies To "Prepare For The Worst"


(KingWorldNews)
Von Greyerz - Silver Shortages & Gold to Accelerate Higher


(FoxNews)
Ron Paul gives new life to an old issue: Gold Standard


(The Underground Investor)
Gold & Silver Banker-Cartel Prolonged Price Suppression Has Set the Foundation for an Explosive Move Higher in 2012


(The Market Ticker)
MF Global: There Is NEVER Only One....


(The Telegraph)
Hungary faces ruin as EU loses patience


Mark O’Byrne

Goldcore

 

 

Companies Mentionned : Barrick Gold | Fresnillo | Gold | Metals X |
Data and Statistics for these countries : Hungary | Turkey | All
Gold and Silver Prices for these countries : Hungary | Turkey | All
<< Previous article
Rate :Average :0 (0 vote)
>> Next article
Mark O'Byrne is executive and research director of www.GoldCore.com which he founded in 2003. GoldCore have become one of the leading gold brokers in the world and have over 4,000 clients in over 40 countries and with over $200 million in assets under management and storage.We offer mass affluent, HNW, UHNW and institutional investors including family offices, gold, silver, platinum and palladium bullion in London, Zurich, Singapore, Hong Kong, Dubai and Perth.
WebsiteSubscribe to his services
Latest comment posted for this article
If gold makes a new low at 1520 $aud it will be a continuation of the downdraft since 1st week of Sept 2011. Read more
S W. - 1/19/2012 at 5:41 AM GMT
Top articles
Latest Comments
The Way Out
31 MarGypsy1
James, you're wrong to think the people on earth couldn't THRIVE ~ live well, eat well, enjoy great lives, advance mankind ~ with the resources we ...
Time to Eliminate Pilots in Airc...
30 MarShadowdoo1
Hi Mish, Sorry pal, I would rather take the door off than give the controls to some moron on the ground. Especially with that nitwit in t...
Gold: April 2015 Update
30 Marovertheedge
"I have been invited to speak at the Mines & Money Mauritius Conference in June 2015 again. If you would like to join you can receive 25% off your ...
Greece Needs the Magic Formula t...
30 Marovertheedge
Wow dude. "Idiocracy" is obviously not just another dumb-ass movie. I admit that I should have recognized your devotion to Brawndo (it has ...
Signs that America Will Hit the ...
30 MarFalconflight
I'll tell you what signals a return of the Dark Ages....the growing, almost hysterical screed again in the West that those Jews are responsible for...
Misunderstanding "Peak Gold"; Go...
29 MarTed S.1
Hi Mish, You make a good point about the difference between commodities and gold. It's a great point of discussion to counter people who ar...
The Finanser Interviews Jon Matonis
29 Marovertheedge
"In late 2009, I got introduced to Bitcoin by a random email from Satoshi Nakamoto. I didn’t give it much thought at the time and then 3-4 months ...
Gold Effect on Mining & Shale Wa...
28 Marneville1
Thank you Jim Willie for your open and candid report on some of the most urgent matters agrevating this economically and war torn world thanks...
Most commented articlesFavoritesMore...
World PM Newsflow
ALL
GOLD
SILVER
PGM & DIAMONDS
OIL & GAS
OTHER METALS
Mining Company News
Tahoe ResourcesTHO.TO
And Rio Alto Mining Announce Completion Of Merger
CA$ 14.53+4.68%Trend Power :
Corporate news
Devon Energy(Ngas-Oil)DVN
EnLink Midstream Partners, LP Completes Acquisition of Victoria Express Pipeline in Dropdown Transaction with Devon Energy
US$ 61.58+2.11%Trend Power :
Corporate news
Devon Energy(Ngas-Oil)DVN
Natural Gas Injection Starts Before Heating Season Ends
US$ 61.58+2.11%Trend Power :
Corporate news
Dajin Res.(Ag-Au)DJI.V
OIL SURGES, DOW FALLS 75: Here's what you need to know
CA$ 0.06+0.00%Trend Power :
Corporate news
Devon Energy(Ngas-Oil)DVN
Sector Snap: Energy stocks rise as Iran talks continue
US$ 61.58+2.11%Trend Power :
Corporate news
Dajin Res.(Ag-Au)DJI.V
Stocks are getting smashed
CA$ 0.06+0.00%Trend Power :
Corporate news
Atlanta Gold(Ag-Au-Gems)ATG.V
IIROC Trading Halt - ATG
CA$ 0.00+0.00%Trend Power :
Corporate news
Fortune Minerals(Ag-Au-Co)FT.TO
Releases 2014 Annual Financial Results
CA$ 0.11+4.76%Trend Power :
Financials
Talon Metals(Au)TLO.TO
Talon Reports Results for the Year Ended December 31, 2014
CA$ 0.16-5.88%Trend Power :
Corporate news
IAMGOLD(Ag-Au-Cu)IMG.TO
Iamgold in talks to buy AngloGold's stakes in two Mali mines
CA$ 2.56+8.47%Trend Power :
Exploration and drilling
Comments closed
  All Favorites Best Rated  
If gold makes a new low at 1520 $aud it will be a continuation of the downdraft since 1st week of Sept 2011.
While it is agreed that gold is still in the bull run, the more pertinent question is to know when is it going to make a new low (say $1550), before the new highs are made in the second half of 2012?
Subscribe to 24hGold’s daily market briefing
  • Prices and data of precious metals in 119 currencies and world mining companies
  • Daily analysis of the economy, markets and more
  • Free, daily and indispensable
Stay informed, subscribe now !
* Your email will never be shared.