PMs and oil downgraded at Deutsche

|By:, SA News Editor

Deutshce becomes one of the most bearish on the Street, cutting its gold price forecast to an average of $1,141 for the year, down 14.7% from the bank's previous estimate, and far below 2013's $1,413 average.

Last week, BAML also joined the rush of firms cutting their gold targets.

Deutsche also slashes its forecast for silver by 19% to $19 per ounce, and WTI crude to $88.75 per barrel, $10 below 2013.

"A third year of rampant U.S. oil supply growth propelled by tight/shale oil development, combined with the potential for the normalization of Iranian oil exports, is increasingly painting a picture of an oversupplied global oil balance, which poses meaningful downward pressure on oil prices."

Natural gas is held steady at $4.25 thanks to excess volume withdrawn from storage thus far this winter.

Gold and silver ETFs: GLD, SLV, IAU, AGQ, PHYS, SIVR, USLV, ZSL, SGOL, UGL, DGP, GLL, DZZ, UGLD, DGL, DSLV, DBS, DGZ, AGOL, GLDI, DGLD, SLVO, TBAR, USV, UBG

Oil and Natural Gas ETFs: UNG, USO, OIL, UCO, UGAZ, GAZ, SCO, BOIL, DGAZ, DBO, DTO, BNO, UNL, CRUD, KOLD, USL, NAGS, GASZ, DNO, UWTI, SZO, OILZ, DWTI, OLO, DCNG, OLEM, TWTI