Gold to Rally Above $1,900 by End 2012: HSBC Sunday, August 5, 2012 At 11:09PM
Gold could be one of the few assets to profit from the political and economic turbulence in the United States as the “fiscal cliff” approaches, potentially creating a rally in the precious metal later in 2012 for it to reach $1,900 per ounce by the end of the year, analysts at HSBC said.
“Economic uncertainty, geopolitical tensions and the uncertainty of the U.S. November elections are theoretically gold-bullish,” and gold should perform better later in the year “when U.S. growth is poor and the dollar is weak,” a new HSBC report said.
“We expect prices to rally to above $1,900/oz by the end of the year. Patience is the most important commodity.”
HSBC recommends holding onto gold as an asset that will gain in value as investors fear the future of the euro and dollar with governments and central banks expected to intervene to shore up their currencies’ strength.
Note. HSBC Group is one of the world’s largest banking and financial services organizations. -
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