BHS (BH Securities a.s.)
Commodities  |  March 21, 2013 14:29:15

Société Générale expect gold drop below 1400 USD

French bank Société Générale update its view on commodities. For this year lowered its estimate of prices not only for gold, silver or other precious metals, but also for aluminum or copper.

Gold price for this year sees an average of 1500 USD for the following year only to 1400 USD. Below this level would, according to the bank's price should i get longer later this year when it targets the U.S. $ 1375.According to the Reuters survey in January saw the bank gold price of 1,700 USD, respectively. 1600 in 2014. In view of silver was reduced from 31 USD to 27 USD, respectively. from 29 USD 26 USD next year. Bank finds more silver industrial commodity that does not have the potential to increase the price of gold. The Bank sees the long-term movement of silver under $ 30, but also in the same breath adds that in the case of movement of the gold price, sees potential rally to 35 USD.

Was slightly reduced outlook for an average price of U.S. WTI crude oil from 97 USD to 96 USD. Contrary, remains bullish for Brent North Sea, where there was an increase from 110 USD to 112 USD.The increase has been served a gas from $ 3.52 to $ 3.70.    

You can mention that the price of gold yesterday responded to reports of a decline Fed, today afternoon, however, already on the spot market recorded the highest values ??in this month near the border 1617 USD. Silver today reinforces even more the level of $ 29.30.

For information current status in the market (at 14:20 pm):

Gold $ 1,615.40

Silver $ 29.24

WTI $ 92.94

Brent $ 108.04

Natural gas $ 3.98


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