Analysts, Traders Not Optimistic on Gold and Silver Prices

Reuters reported that a survey it completed of analysts and traders shows that many believe gold and silver prices will fall even further.

As quoted in the market news:

Half of the 27 respondents surveyed on Wednesday and Thursday predicted gold prices will breach a critical support at $1,100 per ounce by the end of this year.

A significant portion even had $1,000 in their sights, which would be a five-year low and a level considered critical for miners. Only two saw prices recovering above the $1,200 mark.

Silver’s fortunes may be even bleaker – most of those polled expect prices to fall another 10 percent to as low as $14 per ounce, which would be its lowest in over five years.

Click here to read the full Reuters report.