Gold to hit $800: JPMorgan
By ROMA LUCIW
JPMorgan Chase & Co. said the price of gold could surge to $800 (U.S.) an ounce in the next two years, as central banks curb their selling of the metal.
The forecast came as gold shot to a 25-year high Tuesday, with investors piling into the precious metal as a refuge from escalating concerns over Iran's nuclear program. The JPMorgan analysts said gold will rise to $600 an ounce by the end of 2006.
“While we expect gold prices to be increasingly volatile, we believe that the primary risk is to the upside, and our commodity group has already pointed to the potential for slowing Central Bank sales to drive gold higher towards $800 an ounce,” JPMorgan Chase analyst John Bergtheil wrote in a note to clients.
( Full story here )
JPMorgan Chase & Co. said the price of gold could surge to $800 (U.S.) an ounce in the next two years, as central banks curb their selling of the metal.
The forecast came as gold shot to a 25-year high Tuesday, with investors piling into the precious metal as a refuge from escalating concerns over Iran's nuclear program. The JPMorgan analysts said gold will rise to $600 an ounce by the end of 2006.
“While we expect gold prices to be increasingly volatile, we believe that the primary risk is to the upside, and our commodity group has already pointed to the potential for slowing Central Bank sales to drive gold higher towards $800 an ounce,” JPMorgan Chase analyst John Bergtheil wrote in a note to clients.
( Full story here )
posted by Oil Shock at 11:49 PM
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