ANZ Analysts Say Gold Will Hit $1,500/oz by 2015, Contrasting with Other Forecasts

Precious Metals

Bloomberg reported that analysts feel that gold’s massive sell-off is reaching the end of its cycle, and that prices will begin to rebound, up to $1,500/ounce by 2015.

Bloomberg reported that ANZ analysts feel that gold’s massive sell-off is reaching the end of its cycle, and that prices will begin to rebound, up to $1,500/ounce by 2015, which is in contrast with some other analyst projections.

As quoted in the market report:

The call contrasts with forecasts for declines from other banks including Goldman Sachs Group Inc., which said prices will reach $1,050 by the end of 2014. Credit Suisse Group AG predicts $1,150 in about 12 months and Danske Bank A/S sees $1,000 in three months. Bullion slumped 23 percent this year as some investors lost faith in the metal as a store of value and assets in gold-backed exchange-traded products tumbled after the Federal Reserve said in June it may reduce asset purchases.

To view the whole Bloomberg report, click here.