Tuesday, 18 June 2013

Market Watch: ‘Paradigm shift’ to send gold sliding to $1,200 an ounce: SocGen

Gold has tumbled further and faster than even the bears at Societe Generale thought in April, leading the bank on Monday to cut its year-end forecast for the yellow metal.

In a fresh note, analysts led by commodities-research chief Michael Haigh penciled in a a drop to $1,200 an ounce by Dec. 31, down from their April 2 call of $1,375 — a call that was made when gold GCQ3 -0.35% – now changing hands near $1,382 — was trading closer to $1,600. They write:

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