Gold Prices Could Peak at $5,000: Bank of America Posted on September 21, 2012 by News 21-Sep (CNBC) —
As gold prices hit a 2012 record of $1,787.40 per ounce on Friday, Bank of America Merrill Lynch analysts said the precious metal could soar to $3,000 or even $5,000 over the longer-term.
“We will be focusing in on gold. Ultimately we think gold can trade between $3,000 and $5,000 an ounce going forward,” MacNeil Curry, head of foreign-exchange and rates technical strategy at BAML, told CNBC’s “Worldwide Exchange.” “Certainly not within the next few months, but on a long-term basis we are on a well-defined uptrend, and we have got more to run before that runs its course.”
…“We believe the growth in supply of fiat currencies [those without intrinsic value] such as the U.S. dollar and dollar- linked currencies such as the renminbi is a key driver, followed by concerns regarding inflation and inflation volatility which could follow,” Brebner and Fu said in the report.
[source]
SGRCF AuBull has a long way back UP to catch UP with a very oversold and undervalued 666 short selling banksters manipulations -
Looks like a little patch of resistance at 1.11 taken out - then it's straight up to 1.50! :-) a old target its $5 to focus ON GO SGR :-)
SGR Q2 Mined ore at a record quarterly rate of approximately 1,709 tons per day for a total of 155,495 tons, resulting in a surface stockpile of approximately 55,000 tons representing more than 10,000 ounces of gold.
To underscore this statement, the Company produced 11,366 ounces in July.
Set an average mill throughput record of 2,032 tons per day in May 2012.
Realized a cash operating margin of $637 per ounce of gold sold with a realized price of $1,607 per ounce through the quarter.
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