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A gold (
) 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.
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So how much does it cost to mine gold ?? My research throws up $1150/60 per ounce and that definitely points towards a strong bottom. The momentum down could over-run it down to $1000 but not for long. I expect strong consolidation at this level before a gradual run up on the back of emerging inflation. (We will all have to repay on all that printed air sometime). I day trade on gold only.
Jun 29 01:57 PM
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