Gold On Its Way to $2400 Per Ounce, Says BofA ML
Tweet
Share
E-mail
Get Alerts GLD Hot Sheet
Price: $398.55 --0%
Rating Summary:
0 Buy, 0 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 6 | Down: 7 | New: 12
Rating Summary:
0 Buy, 0 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 6 | Down: 7 | New: 12
Join SI Premium – FREE
Speaking at a presentation in New York, Francisco Blanch, head of commodities research for Bank of America Merrill Lynch, reiterated the bank's bullish call on gold. Analysts forecast gold prices will rise to $2000 in 2013, and by 2014 prices could reach $2400.
In a research note dated November 30th, Blanch said "Large-scale policy easing by the U.S. Federal Reserve and European Central Bank positions gold as a useful hedge against global macro and inflation risks."
Gold currently trades in a range between $1750 and $1675 per ounce, with strong overhead resistance noted at $1800, so BofA ML's call is far from a sure thing, and will likely hinge on prospects for future central bank actions meant to create liquidity in the U.S. and abroad.
SPDR Gold Shares ETF (NYSE: GLD) and iShares Gold Trust (NYSE: IAU) trade flat to slight lower intraday on Tuesday, in relatively quite markets.
iShares Silver Trust ETF (NYSE: SLV) declined 1 percent.
The spot rate of gold is 1$708 per ounce.
In a research note dated November 30th, Blanch said "Large-scale policy easing by the U.S. Federal Reserve and European Central Bank positions gold as a useful hedge against global macro and inflation risks."
Gold currently trades in a range between $1750 and $1675 per ounce, with strong overhead resistance noted at $1800, so BofA ML's call is far from a sure thing, and will likely hinge on prospects for future central bank actions meant to create liquidity in the U.S. and abroad.
SPDR Gold Shares ETF (NYSE: GLD) and iShares Gold Trust (NYSE: IAU) trade flat to slight lower intraday on Tuesday, in relatively quite markets.
iShares Silver Trust ETF (NYSE: SLV) declined 1 percent.
The spot rate of gold is 1$708 per ounce.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- BofA Securities Reinstates Zoom Video (ZM) at Buy
- EXL closes $1 billion credit facility, up from $600 million
- BMO Capital Starts Prime Medicine (PRME) at Outperform
Create E-mail Alert Related Categories
Analyst Comments, Commodities, ETFsRelated Entities
European Central BankSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
