JPMorgan Cuts Gold and Silver Forecasts for 2014, 2015

FastMarkets reported that JPMorgan Chase & Co. (NYSE:JPM) has cut its forecasts for gold and silver.

As quoted in the market news:

The broker reduced its 2014 gold forecast by two percent to $1,275 per ounce because these key supportive factors have been underperforming throughout the year.

The bank also revised its forecast for 2015 four percent lower to $1,220 per ounce, citing lower inflation, reduced inflation expectations, higher US interest rates and a stronger US dollar.

The bank also downgraded its silver price forecasts for both 2014 and 2015 – it now sees silver averaging $19.56 per ounce this year, down five percent on the previous forecast of $20.52. It also forecast silver to average $18.25 in 2015, down 12 percent on its previous prediction of $20.75.

Click here to read the full FastMarkets report.