Even though gold prices have softened, analysts still believe gold prices will go higher this year. The most accurate forecasters of gold prices last year were Philip Aubertin (average price) of UBS, and Tom Kendall (highest price) of Credit Suisse. Philip is expecting gold to average $1,550 and peak at $1,700 this year. Tom expects the metal to hit as high as $1,630. Why should gold trade higher, as optimism is now returning? According to Edel Tully of UBS, the ongoing Euro crisis and growing inflation should be positive gold drivers this year.
Will I sell my gold then? I may be tempted.
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