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Gold Prices Not In A Bubble – Deutsche Bank

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Kitco News
Sept 29, 2010

Until prices hit $2,000 an ounce, the gold market is still “some way” from displaying the characteristics of a bubble, according to major bank research note.

In its commodities quarterly report released Tuesday, Deutsche Bank said while “market concerns are focusing on the magnitude and duration of the gold price rally,” values would need to move above $1,455 to be considered extreme in real terms. They said the accommodations the Federal Reserve may make to prop up the U.S. economy could mean more quantitative easing by the next Federal Open Market Committee meeting in November. Combine this with seasonal weakness for the U.S. dollar in the final four weeks of the year, and further gains for the precious metals complex are possible.

The bank slightly lowered its 2010 average price forecast for gold by 2.8% from its previous estimate to $1,211, but did not say why. It maintained its 2011 price target of $1,450.

For the other precious metals markets, the bank lifted its 2010, 2011 and 2012 average price estimate from previous calls for silver and palladium and lowered its price target for rhodium for the next five years. It slightly lowered its 2010 forecast for and platinum and left unchanged the 2011 outlook.

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This article was posted: Wednesday, September 29, 2010 at 3:50 am

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