Posted On: 04/01/2016 5:24:31 PM
Post# of 63835
Kitco Pro Opinion - Gold bottom is in.
Thomson Reuters GFMS released its Gold Survey 2016 report Thursday,
and the research firm’s manager of precious metals demand Ross Strachan
joins Kitco News to talk about the results. Although the firm’s forecast
remains bearish over the shorter term, Strachan said gold has already seen
its low for the year. “We believe that the lows of this price cycle have already
been seen at $1,050,” he told Daniela Cambone Thursday. “In fact, our low
is expected to be $1,150 and we would expect that probably to occur
somewhere around the third quarter of this year.” The outlook is in line with a
forecasts by Goldman Sachs for the metal to reach $1,100 in the near term
and New York-based research firm, CPM Group, which is calling for gold to
potentially fall to $1,130 in the second and third quarter of the year. After
that, Strachan said he expects gold prices to recover into “a long-term
cyclical uptrend.” Gold has been under pressure this week ahead of
Friday’s employment report, with June gold futures last up $8.03 at
$1,236.90 an ounce
Thomson Reuters GFMS released its Gold Survey 2016 report Thursday,
and the research firm’s manager of precious metals demand Ross Strachan
joins Kitco News to talk about the results. Although the firm’s forecast
remains bearish over the shorter term, Strachan said gold has already seen
its low for the year. “We believe that the lows of this price cycle have already
been seen at $1,050,” he told Daniela Cambone Thursday. “In fact, our low
is expected to be $1,150 and we would expect that probably to occur
somewhere around the third quarter of this year.” The outlook is in line with a
forecasts by Goldman Sachs for the metal to reach $1,100 in the near term
and New York-based research firm, CPM Group, which is calling for gold to
potentially fall to $1,130 in the second and third quarter of the year. After
that, Strachan said he expects gold prices to recover into “a long-term
cyclical uptrend.” Gold has been under pressure this week ahead of
Friday’s employment report, with June gold futures last up $8.03 at
$1,236.90 an ounce
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