That being said..you know we are close the bottom when you see articles like this. I would bet $100k we don't see below $900 in all of 2015.
How many Gold stocks have all in costs below $800?
Don’t Catch a Falling Knife! ABN Says Gold’s Rout Set to Deepen
By Jake Lloyd-Smith Nov 5, 2014 11:10 PM ET - Comments Email Print
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The selloff in gold is set to deepen as the dollar will probably extend gains, according to ABN Amro NV, which forecast that the precious metal may end this year at $1,100 an ounce and finish 2015 at $800.
“Don’t try to catch a falling knife,” analyst Georgette Boele wrote in an e-mailed report received today. “The U.S. dollar rally has further to run, especially if the Fed turns more hawkish this year.”
Bullion retreated to the lowest level since April 2010 yesterday as the dollar advanced and holdings in the largest bullion-backed exchange-traded product contracted. Investor positions are still very substantial and while recent data show that wagers have been reduced modestly, more liquidation is likely, Boele wrote in the report.
Bullion for immediate delivery traded at $1,139.57 an ounce at 11:59 a.m. in Singapore, according to Bloomberg generic pricing. The metal yesterday dropped to a low of $1,137.94 as the Bloomberg Dollar Spot Index rose to a five-year high.
To contact the reporter on this story: Jake Lloyd-Smith in Singapore at jlloydsmith@bloomberg.net
To contact the editors responsible for this story: James Poole at jpoole4@bloomberg.net Jake Lloyd-Smith
