Wednesday, August 10, 2011

Gold may hit US$2,500 in 2011: JP Morgan

    Financial Post -

    Gold could surge to US$2,500 per ounce or higher by the end of 2011, according to J.P. Morgan commodity analysts Colin Fenton and Jonah Waxman.

    Before Standard & Poor’s downgraded the United States’ debt rating, they thought spot gold could average US$1,800 by year-end. Now that view looks too conservative, the analysts told clients.

    They also see a lot of upside for raw sugar prices, possibly doubling or more in a spike as a result of weakness in the U.S. dollar and rising inflation.

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