Goldman Sees Bullion Prices Dropping to $1,000 in 12-Months

Goldman Sees Bullion Prices Dropping to $1,000 in 12-Months

Gold Silver Reports → Investors have been pouring into the precious metal in search of a haven as global equity markets tumbled and expectations for increases in U.S. interest rates were reined in.

Gold surged to a 1-year high above $1,263 an ounce on Thursday, at one point rising by the most since the 2008 global financial crisis. As recently as last month, speculators were betting prices would fall and banks like Goldman Sachs Group Inc. were predicting $1,000. Prices slid 0.3 percent Friday to $1,242.65.

“I have been a mega-bear, but for me this is a change in trend,” Georgette Boele, an ABN Amro Bank NV strategist in Amsterdam, said by e-mail Thursday. “Our forecasts are under review.” Boele, whose bearish calls have placed her among the most accurate forecasters in rankings compiled by Bloomberg, was projecting a drop to $1,130 this month as late as Monday. → Neal Bhai Reports

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