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The Financial Post reported that CIBC decreased its 2012 outlook for gold and silver prices, stating the Federal Reserve will most likely not announce QE3 this year, as well as a decline in demand for gold from India and political instability in Europe.
The Financial Post reported that CIBC decreased its 2012 outlook for gold and silver prices, stating the Federal Reserve will most likely not announce QE3 this year, as well as a decline in demand for gold from India and political instability in Europe.
As stated in the report:
The new forecast calls for gold to finish the year at US$1,700 an ounce, down 6% from CIBC’s previous forecast of $US$1,800 an ounce. Silver’s new forecast calls for the precious metal to end 2012 at $32.50, from a previous target of $35 — a 7% decrease.