Gold’s Rally Seen by OCBC’s Gan Heading for Reversal
By GCRU Gold News on Thursday, July 3 2014, 11:19 - Permalink
Gold’s rally will reverse this half and investors should bet on a second annual drop as global growth gains traction, according to the second-most accurate precious metals price forecaster tracked by Bloomberg.
Bullion will retreat to $1,150 an ounce at the end of 2014 as the U.S. Federal Reserve presses on with cuts to stimulus, Barnabas Gan, an economist at Singapore-based Oversea-Chinese Banking Corp., said in a phone interview. That’s about 13 percent lower than today’s price, and would be a 4.3 percent loss for the year. Silver will also decline, he said.