UK Heading for ‘Triple-Dip’ Recession?

(Before It's News)

from Gold Money

“Goldman predicts falling gold price beyond 2011, recommends gold hedging

Goldman Sachs has raised its medium term gold price forecast to $1,355, but reckons prices will fall from 2011 and recommends producers sell gold forward.”

So reads the Mineweb headline from 15 July 2010. Something to bear in mind when you consider reports we’ve seen over the last few days about how Goldman is again calling the end of the gold bull market.

Following Wednesday’s losses, precious metals staged a mini-recovery yesterday – helped as ever by physical demand from Asia (with reports of strong Indian demand in particular). Jim Sinclair’s website links to an Arabian Money story about how China’s Ministry of Industry and Information Technology expects Chinese gold demand to surpass 1,000 tonnes a year by 2015 (last year the country’s demand was 769.8 tonnes). Combine this with the continuing strong demand from other Asian countries, and you’ve got firm support for higher gold prices.

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