“QE 3.5 Likely,” Gold, Silver Targets Raised
Credit Suisse became the latest investment bank to raise its forecasts for gold and silver prices, due in large part to the likelihood of further quantitative easing (QE) by the Federal Reserve.
“In light of the Fed’s open-ended commitment to asset purchases, the shift in language on rates, and the potential for an additional program of Treasury buying once Operation Twist expires, we have shifted our gold forecast moderately upwards and outwards,” the firm wrote in a report to clients.
Specifically, Credit Suisse lifted its 2013 gold estimate by 7% to $,1840 per ounce and its 2014 target by 17% to $1,750 per ounce. For silver, the firm increased its 2013 estimate by 13% to $33.10 per ounce.
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The firm went on to say that “The Fed is not finished: QE 3.5 is likely, possibly as soon as December in the form of on-going purchases of treasuries after Operation Twist expires…The Federal Reserve appears prepared to accept the political risks of further balance sheet expansion [and] on that basis, it seems probable that real yields can fall further into negative territory, which should be positive for gold.”
2012-10-13 01:30:05
Source: http://www.goldalert.com/2012/10/qe-3-5-likely-gold-silver-targets-raised/
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