BlackRock fund manager Evy Hambro who invests in the precious metal and gold equities, predicted that QE3 could result in the gold price hitting US $2,400/oz by the middle of next summer.
In his gold report this week he said: "The gold chart has turned decidedly bullish with the 50-day moving average rising above the 200-day moving average. The last time this happened was in February 2009, which interestingly was shortly after the implementation of QE1. Then, gold was $900/oz and never looked back. Should we witness a similar rally, prices would be taken to $2,400/oz by midsummer next year -- and $1,760/oz would be the new floor."
More information can be found online at http://www.goldbullionadvisors.com
No comments:
Post a Comment