A gold (GLD, IAU) bull throws in the towel, the team at Capital Economics issuing a mea culpa...

|By:, SA News Editor

A gold (GLD, IAU) bull throws in the towel, the team at Capital Economics issuing a mea culpa for staying with its 2013 $2,500 forecast for far too long. "The traditional drivers of demand for gold have all weakened or reversed in the last few months ... There is little on the immediate horizon to prevent further declines." The target is cut to $1,350 for the end of 2013, and $1,400 next year.