Gold bears going grizzly, Credit Suisse sees $1,100 in a year
Forecasts for gold seem to be worse and worse. Can not stop thinking that someone is playing a nice big game with all of us
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Brace perhaps for another wave of slash-and-burn gold forecasts, with Credit Suisse leading the charge this time and gold GCM3 -2.06% looking at a weekly loss of over 5%.
Ric Deverell, head of commodities research at Credit Suisse Group, told reporters in London on Thursday that gold will trade at $1,100 an ounce in a year and $1,000 in five years. And then for emphasis he added this:
In the next couple of weeks, Deverell said he sees gold slipping to $1,350 an ounce, saying it’s still too pricey compared to other “real assets,” using base metals as an example. As of May 15, Credit Suisse was forecasting gold would drop to below $1,400 in a year. Big banks rushed to cut gold forecasts as the metal fell out of bed in April, and perhaps a new slew of downgrades is yet to come, with Credit Suisse leading the pack.
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