In 2010 some analysts thought John Embry's forecast of the 2012 gold price, which placed the yellow metal between $1,500 and $2,000 an ounce, was too optimistic. Now it seems that Embry may have undershot the mark.
Gold continued its three day run up $40 per ounce since the start of April. Driven by inflationary fears, political instability and high oil prices, the next key resistance level may be $1500 per ounce. However, as nations raise interest rates, gold may be headed for a correction.
Sprott Asset Management's chief investment strategist, John Embry, told Mineweb’s Gold Weekly podcast listeners Wednesday that if gold’s “not between $1,500 and $2,000 in the next 18 months, I'm dead wrong."
Gold, which gained nearly 9% last week, seems to be poised to extend its gains. For full story, click here
Gold futures was up 4 percent, heading for the biggest one-day gain in more than 5 weeks, as rallies in global equity markets and expectations of a possible interest-rate cut in the U.S. pushed prices for commodities higher. James Moore, analyst with TheBullionDesk.com, said: Recent movements in both the equity and currency markets suggest some risk [...]
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