Your Average Predictions: $1129 Gold in 2008

Source:

...for similar competitions in 2007, the average predictions by Mineweb readers hugely outperformed those of the experts with the average high and low predicted falling within 1 percent of the actual figures recorded at the respective London fixings.

... for similar competitions in 2007, the average predictions by Mineweb readers hugely outperformed those of the experts with the average high and low predicted falling within 1 percent of the actual figures recorded at the respective London fixings. It will be interesting to see whether in this volatile gold market the same pattern will emerge...

this year Mineweb readers are predicting a high of $1129, a low of $795, a year end price of $1046 and an average price for the year of $935. With the gold price already having risen as high as $921 at Friday's morning fixing, although it has already fallen back since. The Mineweb predictions certainly don't seem unreasonable at the current time, given that already there are substantial supply reductions in South Africa because of the power crisis and the dollar remaining weak - particularly against the big Eastern economies and Russia.

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