LBMA forecasting winner: Gold to trade well below $1,100 towards 2016 - Video
Sentiment on gold seems to be downbeat these days with the metal struggling for direction after fresh U.S. housing data, and an LBMA six-time forecasting winner says he expects the price to trend lower in 2016.
Philip Klapwijk, managing director of Hong
Kong-based consultancy Precious Metals Insights, said in an interview with Kitco News he expects gold
prices to decline below $1,100 an ounce.
"Gold is looking very toppy," but towards 2016 it will be well below $1,100.
"That does not mean we can’t get a spike below but I don’t think we’re going to trade for any extensive period below that level," he noted.
Going past $1,000 is quite unlikely, because there will be sufficient support from the two key price sensitive markets, of India and China, he notes.
Last year, the LBMA
awarded Klapwijk with the top forecasting title for platinum, which he
said should trade lower due to the damaged image of diesels in Europe.
