Average Gold Price Up 10% in 2007 and Silver to Outperform
Source: Reuters (7/11/07)
Average gold prices will jump nearly 10 percent this year and gain further in 2008 as a weaker dollar outlook, less aggressive sales by central banks and physical demand will boost investor interest, a Reuters poll showed on Wednesday.
The global poll of 33 analysts and traders conducted over the past month arrived at a median price for gold of $670 a troy ounce, up from an average of $612.10 in 2006 and about three percent higher than the figure from a poll in January.
Gold is forecast to rise to an average of $681.00 in 2008, up four percent from the January poll for the same year. That compares with a 23 percent surge in 2006 and 18 percent in 2005...Other precious metals are expected to perform more strongly than gold, with the average for silver seen surging by nearly 14 percent this year, platinum gaining more than 11 percent and palladium rising by over 13 percent.