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2 Apr 2013
Forex Flash: The end of the Gold Era - Societe Generale
FXstreet.com (Barcelona) - Sebastien Galy, Senior FX Strategist at Societe Generale notes that his view on gold is somewhat more bearish than the prevaling market consensus.
Recently, he has highlighted that his central scenario for gold price activity for 2013, and that he forecasts that gold prices will average $1500/oz over the course of 2013 and will gradually drop to $1375/oz by the end of the year. He believes that this 15% fall is quite dramatic especially compared to the Bloomberg consensus forecast of $1752/oz by the end of 2013. Further, he feels that, in his opinion, the gold price is in bubble territory.
Recently, he has highlighted that his central scenario for gold price activity for 2013, and that he forecasts that gold prices will average $1500/oz over the course of 2013 and will gradually drop to $1375/oz by the end of the year. He believes that this 15% fall is quite dramatic especially compared to the Bloomberg consensus forecast of $1752/oz by the end of 2013. Further, he feels that, in his opinion, the gold price is in bubble territory.