Delegates and attendees at the London Bullion Market Association (LBMA) annual precious metals conference are forecasting a modest 2.5 percent rebound in the gold price to $1,200 per ounce by October 2015.
“This bunch is generally far too bullish when it comes to this forecast. So the fact that the best they can hope for is a stable price indicates just how downbeat many in the industry are at the moment,” one delegate remarked on the sidelines after the number was announced.
At last year’s conference in Rome, the delegates predicted that gold would be trading at $1,405 today, which is a far cry from the Tuesday’s closing price of $1,163.00 on the Comex division of the New York Mercantile Exchange.
As for the other precious metals, the 418 conference delegates hold a little more hope. They expect silver to climb to $17.00 per ounce a year from now. That would be 8.5 percent higher than today’s price of $15.67.
Platinum is seen rising to $1,325 an ounce, 8.8 percent higher than $1,218.00 today, and palladium at $825 per ounce, which would represent a 6.5 percent climb.
The post Delegates see gold price gold at $1,200/oz in Oct 2015 appeared first on The Bullion Desk.
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