Back in March of this year, we forecast that gold could fall as low as $1000 but doubted that it could fall any lower. In late July/August we were tested when gold hit $1084 we held to our position that $1000 was the likely bottom and frankly we could not see gold going above $1250. Well it hit $1184 last week and has fallen back slightly since then to its current level of $1176.
We still hold the view that $1250 will be the top for this year, and in fact can see gold falling back towards the $1,000 level again.
Now this is just our opinion based on the research we have done, the conversations carried out with so called insiders and members of the Industry. Now this does not guarantee that we will be right, but it’s quite gratifying to hear, people who are highly regarded within the Industry broadly supporting the position we have laid out.
The first is an interview conducted with Bart Melek Head of Commodity Strategy at TD Securities who believes that the gold price will hold firm until December and then fall early in the New Year
The second Interview is with Frederick Panizzutti Global Head of Sales for MKS PAMP who broadly predicts that gold prices will not begin to rise until the first FED rate rise is out of the way
The Third Interview is with Philip Klapwijk MD of Hong Kong Consultancy – Precious Metal Insights; a 6 times precious metals forecasting winner. Philip believes that Gold will trade shortly below $1100 but will remain just above $1000
There we have it – 3 experts – a commodity trader, a bullion producer and a precious metal consultant from Hong Kong all predicting a gold trading range similar to our forecasts. We have often been asked to support our views, and we hope at least we have shown you that there are at least 3 experts out there who agree with us.
