NEW YORK (Commodity Online): It is the season for greetings and predictions. The one commodity that is attracting an overwhelming number of predictions is gold these days. As the year gets to a close, dozens of gold price forecasts for the year 2011 have come in.
Gold at $1500, $1700, $1800, $2000 an ounce: which among these prices will you believe in? It is hard to put your confidence and money into commodities—especially into gold—when forecasts on gold price vary in widening values.
But that said, one thing is certain: gold price is certainly going to skyrocket in the coming months of 2011.
So, it is now time to take stock of all the gold price predictions that investors, readers, bullion dealers and governments have been subjected to in the last few weeks.
Here are some prominent gold price predictions for 2011:
Bullion Research Desk of Commodity Online: "Gold price to hover around $1500-$1600 range in 2011. Gold price will go up in 2011, driven by the fluctuations in US dollar and other currencies, dwindling productions, increasing mining problems and rising demand for jewellery and investment for the yellow metal. Gold price is definitely going to cross the $1500 mark per ounce in 2011 and it will remain in the range of $1500-$1600.”
Global commodities guru Jim Rogers: “Gold price would eventually rise above $2,000 an ounce. Gold will be $2,000 certainly in the decade, it'll probably be much higher than $2,000 in the decade but maybe even sooner I don't know. But to me it seems pretty clear that it'll go to at least $2,000. If you adjust the old high back in 1980 for inflation, gold should be over $2,000 now.”
Saxo Bank: “Gold price will be at $1800 per ounce in 2011 if the US Dollar strengthens, sparking fresh currency wars across the Pacific. Pressure piles on China and as investors flee to metals in search of some stability, gold shoots up to $1800 an ounce.”
Henderson: "Gold price will rise to $1600 in 2011."
PricewaterhouseCoopers: A new survey of 44 investors and gold mining executives conducted by PricewaterhouseCoopers's Canadian Mining Group forecasts a peak of $1500 per ounce for 2011.
BNP Paribas: Has forecast an average of $1,500 in 2011.
Goldman Sachs: It has set a 12-month target of $1690 per ounce.
Capital Economist: “As inflation fears mount, the price of the precious metal will be pushed to £1,600 in 2011 and reach $2,000 by the end of 2012, it has been forecast, as investors clamour to buy safe haven assets.”
ABN AMRO/ VM Group: It has raised its previous average 2011 gold forecast by $35 to $1,459, up from $1,424 in November.