IT'S NOT OVER: A Top Analyst Makes The Case For More Gold Carnage In This Brief Presentation

gold price

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.

And here are the people who got it wildly wrong

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.