Gold has been getting unceremoniously crushed since it entered a bear market in April, with levels falling below the $1,200 mark this week.
At some point, one would expect the rout to swing back in the goldbug’s favour, right?
Wrong, according to Crédit Agricole in a new report titled “Gold — No Relief On The Horizon.”
“Our new end year 2013 and 2014 forecast is USD 1150 and 1050, respectively,” wrote Crédit Agricole’s Mitul Kotecha.
High U.S. yields, a firmer dollar, and struggling India/China demand leads Crédit Agricole to believe gold will continue to get crushed.
Kotecha lays all of this out in a brief presentation.
NOTE: Thanks to Crédit Agricole for giving us permission to feature these slides.
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