“Strongest Period of the Year” Ahead for Gold and Silver
While investors generally consider September to be the best month of the year for gold and silver prices, November has actually been the winner over the past ten years, according to a report published this morning by CIBC World Markets.
In addition, “Investors could capture 56% of the annual gold gains and a whopping 66% of the annual silver gains by holding the metals over the period November to February,” the firm noted.
CIBC discussed these trends as it became the latest investment bank to raise its precious metals forecasts. In 2014, the firm now sees gold averaging $2,200 per ounce and silver averaging $38 per ounce. For next year, CIBC reiterated its gold and silver estimates of $2,000 and $35 per ounce, respectively.
(More gold and silver forecasts and commentary available at GoldAlert Pro – http://pro.goldalert.com )
“The figures represent our view that prices are underpinned by the rising cost of supply, plus strong demand coming from both investor interest and Central Bank buying,” analysts at the firm wrote in their report. “Furthermore, with the effects of QE1 and QE2 boosting gold prices at a rate of $20-$30 per month, we expect QE3 will have similar influences on the gold price, although likely at the lower end of this range.”
A gold price of $2,200 per ounce would be a new record high for the yellow metal on a nominal basis, although the inflation-adjusted all-time high stands closer to the $2,400 level. In mid-day trading on Wednesday, COMEX gold futures moved higher by $6.60, or 0.4%, to $1,752.90 per ounce.
2012-10-17 11:40:10
Source: http://www.goldalert.com/2012/10/strongest-period-of-the-year-ahead-for-gold-and-silver/
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