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With gold prices having broken out recently, many banks and analysts have released updated price projections. And in every case I’ve seen, those predictions are higher.

Yes, banks and brokerage houses are not the best source for analysis of the precious metals market—they’re heavily biased toward stocks, and their track record with gold has been notoriously wrong.

But it’s worth looking at what they’re saying, because their clients listen to them.

Institutions control billions of dollars, and as a result hold sway in the markets. Wall Street piles into trends, so if they see higher gold prices coming then widespread bullish predictions could serve as its own catalyst.

I put the banks that have recently released an updated gold price prediction into a chart. In most cases, it is an analyst at the bank making the prediction, not the bank itself. But since these are mostly analysts for the resource industry, their predictions are frequently used to make investment decisions for the institutional side of the firm, as well as to make recommendations to advisors who manage money for thousands of clients.

In some cases they don’t give a specific date or price, but here’s what these banks and analysts have publicly stated over the past couple weeks.

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Every bank I found shows gold ending the year higher than where it’s at now.

And all but one thinks the gold price will be above $1,600 next year, with all the others projecting anywhere from $1,680 to $2,400.

You’ll also notice that Morgan Stanley’s “#1 commodity pick” is gold, something we haven’t seen from a bank in a long time.

Taken as a whole, this does show that institutional investors have become decidedly more bullish. Wall Street...

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