Merrill Lynch Kisses Up to Gold, Predicts It Will Hit $1,500
February 5th, 2009 by
I thought investment banks were supposed to hate gold, but on Tuesday we had the CIO of Merrill Lynch telling the world that the price of gold is going up and going up fast. They quote him as fearing that the price could reach $1,500 within the next 12-15 months as people seek a safe haven asset. He further states that gold is still affordable at current levels, especially considering declining production and supply levels.
Tuesday’s article seems like a bit of a repeat from an October 2008 MarketWatch article in which unnamed “analysts” at Merrill Lynch also predicted the price of gold would rise to $1,500, although they didn’t provide a time horizon. The original MarketWatch article stated:
Source:Merrill Lynch Kisses Up to Gold, Predicts It Will Hit $1,500
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