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Gold Soars Past $1,300 an Ounce; Silver Follows Suit

Posted: Sat Mar 01, 2014 1:37 am
by tbird165
We’re less than a month and a half into 2014 and we’re already seeing the markets do an about face. At the end of the year, the equities markets were riding high following another positive year; highlighted by a record closing for the Dow and S&P 500 of 16,576 and 1848, respectively. Gold and silver were among the worst, if not the worst performing asset classes for the year, with losses of 28% and 36%. As we noted in a previous post, the experts have made their 2014 predictions for the gold market, and they’re not positive. While the average forecast called for a closing price of $1,209, the forecasts ranged from a low of $1,141 by Deutsche Bank to a high of $1,292 by HSBC. While we’re still early in the year, HSBC’s bullish forecast appears to be the most accurate, as the price of gold closed above $1,300 today, which is its highest close in over three months. We’ll explore in further detail below the reasons for gold and silver’s out performance and will analyze if this trend will likely continue. - See more at: