Gold in 2012 to Average $2,050/oz and Will Reach $2,500/oz - UBS

IMG Auteur
Published : January 10th, 2012
520 words - Reading time : 1 - 2 minutes
( 2 votes, 3/5 )
Print article
  Article Comments Comment this article Rating All Articles  
0
Send
0
comment
Our Newsletter...
Category : GoldWire

 

 

 

 

Gold’s London AM fix this morning was USD 1,627.00, GBP 1,051.91, and EUR 1,271.49 per ounce.


Yesterday's AM fix was USD 1,618.00, GBP 1,047.38, and EUR 1,266.54 per ounce.



Cross Currency Table


Gold has risen for the first time in three days. Asian stocks and the euro also gained today before German Chancellor Angela Merkel meets with the International Monetary Fund’s, Christine Lagarde in Berlin, a day after Merkel and French President Nicolas Sarkozy met to try minimize the Greek and Eurozone debt debacle.


Across the pond the USA's debt continues to rise above the 100% mark.  That means the good and services of the US economy ($15.17 trillion) is equal to the entire debt of the country.  Analysts project the economy would have to grow at least 6% a year to just stay afloat. Among advanced economies, only Greece, Iceland, Ireland, Italy, Japan and Portugal have debts larger than their economies. Greece, Ireland, Portugal and Italy are at the root of the European debt crisis. The first three needed bailouts from European central banks and Italy's finances are now monitored by the International Monetary Fund.



Gold Spot $/oz - 5 days


Today the Troika (officials from the IMF, ECB & European Commisionreturn to Ireland for its quarterly review. Over the next ten days they will determine if Ireland is implementing its bailout programme properly but there are already calls for a second 'bailout'. Eurozone bond auctions will show whether investors are willing to put more money into the debt ridden European nations of Spain and Italy on Thursday and Friday respectively.


Demand for gold bullion continues to be robust in the EU due to concerns about the euro. In Asia, demand has not risen significantly yet but is expected to in the coming days in the run up to Chinese New Year.



Gold Spot $/oz - 1 year


Goldman Sachs Group Inc. and Morgan Stanley yesterday reiterated their pick of gold as a favored commodity this year, as investors seek to protect their portfolios against the unrest in financial markets. Edel Tully, analyst from UBS predicts gold will reach $2,500/oz in 2012 and will average $2,050/oz - 26% above the current price. 


Turmoil within financial markets continues to pave the way for gold to shine in 2012. Gold remains key for diversification in portfolio management.


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


NEWS
(Reuters)
Gold firms; euro zone concerns remain


(BusinessWeek)
Gold Advances for First Day in Three on Europe Crisis Optimism


(Bloomberg)
Gold Could Hit $1,940 an Ounce in ’12: Goldman


(Der Spiegel)
Fearful Investors Stash Money in Luxury Goods


(Reuters)
India allows more banks to import gold, silver


(USA Today)
U.S. debt is now equal to economy


COMMENTARY
(Infographic)
Infographic: $8.5 Trillion Bullion vs. $750 Trillion Derivatives


(KingWorldNews)
James Turk - There is a War Going on in the Gold Market


(Wall Street Journal)
Gold Tipped to Keep on Shining


(Minyanville)
Precious Metals Sector Sees Major Bottom


(Foreign Policy Journal)
The Dismal Economic Outlook For The New Year


(MarketWatch)
Investors should root for the gold bugs


Mark O’Byrne

Goldcore

 

 

Data and Statistics for these countries : Greece | Ireland | Italy | Portugal | All
Gold and Silver Prices for these countries : Greece | Ireland | Italy | Portugal | All
<< Previous article
Rate : Average note :3 (2 votes)
>> 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
Comments closed
Latest comment posted for this article
Be the first to comment
Add your comment
Top articles
Latest Comments
What kind of person runs for public office ?
17 OctThemis
I liked the use of the self-actualization chart within the context of politicians and their motives. It probably applies to many in Hollywood as w...
The Silliness of the Bretton Woods Years
16 OctThe Recusant
KUDOS! The book is anti-gold slanted throughout and subtly mocks those that value gold as seen in that silly Las Vegas Golden Rooster tale. As I pr...
The Future (Not)
14 OctS W.-1
I have it on good authority that the Aliens living in Antarctica have discovered a way of turning Ice into Oil. All we have to do to secure ou...
Betrayal!
09 OctThemis1
I agree 100% with all the points you made. You have summarized my own anger and the reasons for it. My only consolation is that I believe the eli...
A silver price-suppression theory gets debunked
07 OctDoom
I think he linked the wrong article, because there's minimal facts and logic there relevant to price suppression. It's a shame, because I really wo...
Light It Up
07 OctThemis
I keep wondering whether the US is fermenting a war with North Korea so as to indirectly draw China in and delay implementation of the yuan-for-oil...
One Nation Under Gold (2017), by James Ledbetter
05 OctThe Recusant1
Sadly, I too hoped for a more even-handed assessment of gold in our economic history. The book IS biased and by the time I got to the 20th century ...
Fall of the Great Pumpkin
03 OctGypsy0
James, you've mentioned this 25th Amendment thing a few times. The primary reason the Deep State won't go that route is: when the attempt begins i...
Most commented articlesFavoritesMore...
World PM Newsflow
ALL
GOLD
SILVER
PGM & DIAMONDS
OIL & GAS
OTHER METALS