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« What Gold Supply Crunch? | Main | US Real Interest Rates Indicate Gold Slightly Undervalued »

Citi Predicts Gold At $3400 In "The Next Two Years", Potential For Move As High As $6000

Following today's margin call anticipating, liquidation-driven rout in gold, the weak hands are, as the saying goes, puking up blood. Which may not be a bad thing - after all, sometimes a catharsis is needed to get people away from potentially toxic paper exposure which very likely has been hypothecated repeatedly via the same channels we discussed last week when exposing the MF Global-HSBC "commingled gold" lawsuit. But what about the future? Well, nobody can ever predict it, but at least we can sometimes look at charts in an attempt to glean a pattern. Which is why we present the just released slide deck from Citi's FX Technicals group titled "The 12 Chart of Christmas" which has some blockbuster predictions about the coming year, chief among them is without doubt the firm's outlook on gold which they see at $2400 in the second half of 2012, and moving "toward $3400 over the next 2 years or so." So for those looking at today's price action, consider it an opportunity to roll out of paper exposure and into gold, because the more deflationary the environment gets, the more eager the central planning cabal will be to add a zero (which in our day and age of primarily electronic money can be done with the flip of a switch) to the end of every worthless piece of monetary equivalent paper in circulation. And that's a 100% certainty.

From Citi:

To read this article in full please click this link which will take you Zerohedge.

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Reader Comments (2)

Another delusion that gold is a safe haven and will protect you against other currencies . Try telling that to the poor punter who bought it at $1900 and now needs the money. He would be better off owning paper.

December 15, 2011 | Unregistered Commentergold bug

Yes this is true for those who have just entered the market, however, for those who entered earlier, they are still sitting on decent profits. This bull market is 10 years long, not 4 weeks. For what it is worth we still expect gold prices to trade a lot higher than they are today. Once the dust settles we will look to increase our exposure to this market.

Over in our options trading group we were taking positions today in order to take advantage of the current situation.

December 15, 2011 | Registered CommenterGold Prices

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