Despite Selloff, Goldman Doesn't Budge on Gold Forecast
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Despite a major selloff in the price of gold, which saw the precious metal drop below 1600/oz, Goldman Sachs analysts are standing by their forecast of $1840/oz for 2012. The forecast, if right, would mean a 16 percent rally in the precious metal.
To support their forecast, Goldman analysts point to a potential third round of quantitative easing. Goldman's hunch might pan out, considering recent developments in Greece.
SPDR Gold Shares (NYSE: GLD) ticked fractionally higher in early trading, last tradign at $154.65, up 0.12%.
To support their forecast, Goldman analysts point to a potential third round of quantitative easing. Goldman's hunch might pan out, considering recent developments in Greece.
SPDR Gold Shares (NYSE: GLD) ticked fractionally higher in early trading, last tradign at $154.65, up 0.12%.
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