Gasp! Gold prices will surge to $1,800 an ounce by the end of this year, and silver will soar to $70 an ounce by March as physical demand climbs in Asia and investors seek a haven asset, Newedge USA LLC told Bloomberg.
The gold forecast indicates a 13 percent rally from current levels. The metal climbed to a record $1,610.70 on July 19. The silver estimate means prices will jump 77 percent from yesterday’s closing price. Newedge, based in New York, was the biggest futures-commission merchant by a measure of customer assets on deposit as of May.
Record investment demand for gold in India will keep climbing as higher incomes spur buying, Reliance Capital Asset Management, the operator of the country’s second-biggest fund backed by the metal, said last week. Chinese demand, which increased 32 percent in 2010, may double in the next 10 years, according to the World Gold Council…..
Read more at http://www.bloomberg.com/news/2011-07-20/newedge-sees-gold-at-1-800-in-2011-silver-at-70-by-march-on-asia-demand.html
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