In an earlier Precious Metals Update, “Quantifying the downside – and upside – for gold” (13th March), we suggested that the gold price could fall as low as $850 per ounce in a worst case scenario. We stand by that analysis. Nonetheless, our base case is that prices should find good support only a little below current levels (our end-Q3 forecast is $1,050) and will actually end the year higher (at $1,200).
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