Industry Survey Sees Gold Futures Topping $1,400

Gold futures might be prime for another bounce, according to a European gold industry group which had a conference in Rome recently.  They surveyed the attendees and the average response was they expect gold prices to spike up to $1,400 per ounce within the next year.

This estimate differs significantly from the record price of gold just two years ago – $1,921 in September 2011.  They also believe other precious metals – such as silver, platinum, and palladium – will advance by the time the industry group meets again in November of 2014.
           
Kevin Riordan, director of research at Capital Trading Group in Chicago, had this to say regarding the current gold futures situation,There are dual factors affecting gold (futures) right now.  While the physical side is generally positive the monetary argument is having a negative impact on the market. Other supportive ideas are the continued strength in China demand and the fact that the feds expected tapering is already priced in.”  Riordan added,However, if tapering begins more aggressively that expected that could pressure prices.”

The trend for gold futures resumed down in just the past two weeks.  It looks like the June gold futures low is the near-term target, but this market is vulnerable for a turn at any time.

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