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

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

 

 

Companies Mentionned : Metals X | Robust |
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 :3 (2 votes)
>> Next article
Latest comment posted for this article
Be the first to comment
Add your comment
Top articles
Latest Comments
Napoleon vs. Cheney: "Interrogat...
15:16Josu O.
I cannot overstate how important is that every american read this article. It's absolutely wonderful how you have summarized every aspect around to...
Muslim terrorism, the left and t...
10:38end-1
Does anyone still wonder why is Australia hotbed for second generation Muslim migrant radicalization? Does anyone still need an explanation on why ...
Gold & Silver Market Morning
17 Decsamking731
Gypsie, my take on what he's saying is on paper gold, not actual gold that you are holding in your hand. In that way, gold is gold, though Pandas ...
Gold & Silver Market Morning
17 DecGypsy1
You have me confused Julian. When you say "We believe that holders of gold in the Ruble. . . . ." I take it you are not talking about someone hold...
Gold Price chart showing big dro...
17 Decuser47791
The article ludicrously misinterprets the chart. What the chart shows is the market price of German Aktien, namely shares in British or stocks in A...
New Poll Shows US Citizens in Ev...
17 DecJosu O.
It's very sad to see such support of torture in USA. What is incredible is that a lot of those people consider themselves christians and nice peopl...
Why I Quit
16 Decmykey992
I feel for you and appreciate your courage. Being placed in an unwinnable situation is never pleasant. Recognizing and acknowledging one's situat...
Mark of the Beast: Microchips ‘T...
15 DecGypsy
The really scary Future Event (scary to The Powers That Be) will be telepathy: communication without implants among ALL humans. That point comes wh...
Most commented articlesFavoritesMore...
World PM Newsflow
ALL
GOLD
SILVER
PGM & DIAMONDS
OIL & GAS
OTHER METALS
Comments closed
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.