Sunday, June 30, 2013

The 8 Worst Gold Price Predictions Ever Heard

Among other asset classes that got slammed in recent weeks, gold totally got torpedoed falling below $1,300 for the first time since 2010.
And with inflation falling and the dollar stronger, analysts across Wall Street are convinced the yellow metal will continue to lose its luster.
Unfortunately, this has been devastating for the gold bulls, especially those who expected easy monetary policy to send prices into the stratosphere.
While gold prices were on their ascent, we heard some bullish calls from high-profile Wall Streeters that would make dotcom era equity analysts blush. For whatever reason, gold ultra-bulls argued that the precious metal would be worth multiples of where it is today.  We've heard targets from $5,000 to $46,000.
With prices plummeting again (currently around $1,282/oz), we thought it would be a good time to revisit some of the wildest gold price targets we've heard in the last year.
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The gold soap opera continues, drama is the name of the game. Ignore the drama and focus on the facts. In the past 12 years gold is still the best performing asset class. Corrections like the one we're going through is normal and healthy for a bull market. Keep your mind on the fundamentals and ask yourself if the global economic condition and the geopolitical scene are now better or worse than they were in 2011 when gold hit its all time high of $1,925? Don't let this great buying opportunity pass you by.   BK