Haywood Reduces 2008 Precious Metals Forecast, Base Metals Forecast
Source: Mineweb (7/22/08)
In commodity price revisions published by Haywood Securities metals analysts, only copper and uranium prices definitely showed promise, while 2008 precious metals and most base metal price targets declined.
Canada's Haywood Securities Monday lowered its gold forecast this year to US$940 an ounce from US$975, implying a second-half average of $970/ounce.
...Haywood also moderated its 2008 price assumption for silver from US$18.50/oz to US$17.50/oz, leaving medium to long-term silver price forecasts unchanged. Meanwhile, Haywood forecasts that a global economic slowdown now underway is expected to cause a softening of demand for industrial metals, including PGMs. "Volatility in stock markets is also expected to lead to metal price volatility prompted by investors moving into precious metals including PGMs as speculative investment."