Sunday, 19 May 2013

Wall Street Journal: Gold bears going grizzly, Credit Suisse sees $1,100 in a year

Brace perhaps for another wave of slash-and-burn gold forecasts, with Credit Suisse leading the charge this time and gold GCM3 -2.06% looking at a weekly loss of over 5%.

Ric Deverell, head of commodities research at Credit Suisse Group, told reporters in London on Thursday that gold will trade at $1,100 an ounce in a year and $1,000 in five years. And then for emphasis he added this:

“Gold is going to get crushed. The need to buy gold for wealth preservation fell down and the probability of inflation on a one- to three-year horizon is significantly diminished.”

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