PMs and oil downgraded at Deutsche


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Natural gas is held steady at $4.25 thanks to excess volume withdrawn from storage thus far this winter.

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Comments (10)
  • Christopher F. Davis
    , contributor
    Comments (1784) | Send Message
     
    Cut away, lower those prices of gold and silver. I need to buy some.
    14 Jan 2014, 03:59 PM Reply Like
  • user878
    , contributor
    Comments (163) | Send Message
     
    yeah, when the stock market crashes (most likely soon!), same people will come and say buy gold and silver , but might be too late!
    14 Jan 2014, 04:21 PM Reply Like
  • tonyeg
    , contributor
    Comments (172) | Send Message
     
    First time seeing forecast from major investment bank linking (joint announcement) price of gold to price of oil as it should be. Oil will continue to go down driving down any prospect of inflation. Deflation is more the issue due to increased oil production world wide and globalization which continues to drive unemployment (total people with jobs) in developed countries world wide. Interest rates have to stay low to avoid Japan style deflation. WTI oil below $70 and gold below $1000 and staying there for a while.
    14 Jan 2014, 04:48 PM Reply Like
  • DeepValueLover
    , contributor
    Comments (11225) | Send Message
     
    Shorting gold here is highly inadvisable.

     

    Why?

     

    Read this:

     

    http://bit.ly/1fvAgpC
    14 Jan 2014, 05:01 PM Reply Like
  • tonyeg
    , contributor
    Comments (172) | Send Message
     
    Gold to Bond ratio confirming deflationary pressure....don't fight the trend?
    16 Jan 2014, 05:22 PM Reply Like
  • filipo
    , contributor
    Comments (4652) | Send Message
     
    Deep,
    Thanks for the link. Very interesting...
    17 Jan 2014, 03:42 AM Reply Like
  • brucerappaport
    , contributor
    Comments (8) | Send Message
     
    I don't agree. Maybe short term but at some point fear will dominate and the desire for precious metals will gain respect here in the West as it continues in the East.
    One day a big country will announce it's convertible to gold and we'll be the last to realize the sea change. For now men with guns continue to force their favorite paper money on the Western population.
    14 Jan 2014, 05:14 PM Reply Like
  • filipo
    , contributor
    Comments (4652) | Send Message
     
    Deutsche Bank is German, no ?
    Germany only got 38 tonnes back out of the 50 promised by the US over 2013, right ?
    Maybe the contract stipulated "If gold goes under $1,200, we promise you full delivery".
    Hence the German grim bearishness ?
    They sound in fact more enraged in sending the gold price down than JPM and GS combined. Weird !
    15 Jan 2014, 03:48 AM Reply Like
  • Johnny b 1889
    , contributor
    Comments (20) | Send Message
     
    Don't fightthe trend the trend is up !
    15 Jan 2014, 11:25 AM Reply Like
  • Johnny b 1889
    , contributor
    Comments (20) | Send Message
     
    Don't fight the trend , the trend is up !
    15 Jan 2014, 02:54 PM Reply Like
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