Merrill Lynch has upgraded its gold price forecasts by 19% to US$525/oz in calendar 2006, as reported by Reuters in an article titled Gold seen marching into 2006 with fanfare
UBS raised its 2006 forecast for gold to $520. UBS said in a report in the Australian Investment Review "Gold's fundamentals also look stronger than previously expected, as supply and demand fundamentals and investment demand all appear stronger than previously anticipated."
Statements below are from By Jim Jubak MSN Money Markets Editor 2/15/2006 7:36 AM EST
Gold is in short supply in the world -- physical demand for gold for jewelry in 2005, thanks to growing demand from India, amounted to 110% of global gold production. (Re-melting old jewelry and sales from the gold stockpiles of the world's central banks made up the difference.)
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