LEADING Gold Price forecasters with accurate records for 2010 to date are raising their targets for 2011 and beyond, Bloomberg reports.
Commerzbank's Eugen Weinberg, who correctly called the first-quarter performance of Gold Prices now foresees it hitting $1400 next year, saying that “A stronger economy would create more jewelry demand. If the economy stays weak or gets worse, then investors will be looking for a safe haven.”
Deutsche Bank's Dan Brebner in London, who is now the most accurate forecaster throughout 2010 to date according to Bloomberg, believes the Gold Price will rise to $1550 an ounce, a rise of more than 20% from current levels.
Across the board, Gold Price forecasts from bank analysts have been hiked by more than for any other metal, the newswire reports today.
Bloomberg's report comes after the Gold Price ended August at a new record-high monthly close, completing its best August performance in almost a quarter-century and continuing a 10-year pattern of never falling for more than two months in succession.
Winner of 2009's price-forecast competition amongst professional trade-body the London Bullion Market Association, Phillip Klapwijk of the GFMS consultancy predicted a 2010 high in the Gold Price of $1340 an ounce.
Buying Gold today...?