NBF Revises 2007 Gold Price Forecast to $675, Silver to $13.50

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In a revised gold price forecast published Wednesday, NBF metals analyst Tanya Jakusconek and associates Joanne van Balegooie and Farooq Hamed said their outlook "is predicated on a positive mix of historic price drivers and supportive gold market fundamentals."

Toronto's National Bank Financial (NBF) metals analysts Wednesday revised their average gold price forecasts upward from $650/oz to $675/oz in 2007 and from $625/oz to $675/oz in 2008, while adjusting the silver price to reflect a 50:1 ratio with the gold price.

New commodity silver price forecasts also were adjusted higher from $13/oz to $13.50/oz this year and from $12.50/oz to $13.50/oz in 2008. The NBF long-term commodity forecasts were revised from $500/oz to $525/oz for gold, while silver was adjusted from $10/oz to $10.50/oz.

In a revised gold price forecast published Wednesday, NBF metals analyst Tanya Jakusconek and associates Joanne van Balegooie and Farooq Hamed said their outlook "is predicated on a positive mix of historic price drivers and supportive gold market fundamentals."

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