Gold News

LBMA Gold Price Winner Forecasts $2000 Gold

EXPERT ANALYSTS surveyed by the London Bullion Market Association today forecast another rise in the Gold Price for 2012.

On average, the 26 bank analysts, strategists and independent forecasters cited by the LBMA – the trade association representing the global bullion industry's clearing center in London – predict a Gold Price of $1776 per ounce for the year as a whole.

That would be a 12.2% rise from the 2011 average of $1573.

The LBMA's highest 2012 forecast comes from UBS strategist Dr.Edel Tully – winner of 2011's forecast competition, who correctly called last year's average Gold Price of $1573 to within 1.5%.

She now predicts an average 2012 price of $2050 per ounce, some 30% above last year's level.

Silver, on the other hand, is seen falling, both by the analysts on average and by David Jollie of Japanese conglomerate Mitsui, who won the 2011 Silver Price forecast. He now predicts a fall in silver's annual average from last year's $35.12 per ounce to $30.95 in 2012.

As a group, the analysts' average Silver Price forecast is $33.98, a dip of 3.2% on 2011.

The Gold Price began 2012 at $1590 per ounce. Silver Bullion opened the year in London – heart of the world's professional wholesale bullion market – at $28.78.

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