A video on Bloomberg predicting gold falling to 1,000 $ this year (by guy called Barnabas Gan): [youtube]http://www.youtube.com/watch?v=HuBllTIgZlE[/youtube] I'm not so sure after the euro-QE! The parameters have changed. The new "ingredient" has turned the market bullish. You'll see more and more institutions and "experts" "adjusting" their gold predictions for this year. HSBC, SG... Barnabas Gan? :lol:
What an idiot. I could not watch for more than 45 seconds. What does this kid know? Interesting these big money institutions hire these kids and wheel them out if front of a TV camera. The outcome is predictable, they make fools of themselves with their forecasts. Every economist has a forecast on everything. You put 8 of them in a room ask a question with only two possible outcomes like: Is it hot or cold outside? After 5 hours and thousands of pages of spreadsheets with historical analysis you are likely to have 8 different opinions and one might be right, but more often than not just plain wrong. And all you wanted was a simple answer: hot or cold.
Couldn't agree more. Something like yes or no, true and false answer. Probability based on current events, PM is gonna shoot up within these 2 years. So my answer would be nay to Bloomberg. Just my 2c
I once had to work with Bloomberg integrating a data feed. If their (dis)organisation is anything like that experience I'm not surprised they wheel out a kid fresh out of UNI, English obviously being his second language, to spiel out this crap. And it doesn't matter if he's wrong, because no one will even remember him in a few months.
Funny thing is even though the US dollar is stronger (which can in part explain the weak oil prices), gold seems to be moving in the opposite direction. Huge buying in Asia taking advantage of the lower prices. Barnabas top Bloomberg forecaster? Gimmie a break. Sorry but I think we have seen the last of the low 1000's range. Great thing for us with the $AUD heading lower should magnify our gains! For those who didn't cut and run that is.
Yep. Wall St advanced for most of this week. Usually when that happens gold retreats. But not only did gold hold its gains it advanced.
Gee well as the interviewer says a few times "Barnabas Gan" is the most accurate gold forecaster this year (according to our Bloomberg data)". He says he expects India and China demand to remain low? Says the Chinese government is discouraging gold? Seeing only tailwinds for the dollar - can he predict no QE from Fed in 2015 to match Europe and Japan? I think J Rickards is tipping early 2016 for that admittedly. Against Barnabas I'm stacking, so far, Peter Schiff, Marc Faber, Aden Sisters and their recently expressed views. I would like to hear something fresh from technician Louise Yamada on gold. In the past the charts have led her to be bullish and predict $5000+ as close as 2018; then she had to reverse and call the 'structural' bull market over. Superceded maybe by the rampant US stock market, and strengthening dollar. One of her arguments was that the DJIA:Gold ratio had reversed decisively against the metal, but just yesterday I saw a good vid from a kitco commentator implying that that ratio has only been in a weak correction and there are signs of gold taking the reins away from US stocks once more.
From a few little hints like the way he talked about ecb QE and completely ignored several recent currency happenings makes me think this was made in late 2014. I think the way the US market has jumped all over the place and the absolute havoc in Switzerland and euro markets, backed up by the actual performance for gold this month, would completely change the conversation. Doesn't mean $1000 gold isn't possible but you can be sure he wouldn't be talking like that in an interview today.
Confirmed: it's from early November last year, a very different time. I'm not sure it's a video Barny would want people watching at the moment. He might even think that $1000 gold is possible this year but I'm guessing he would use a lot more words like "maybe", "if", "possible" and "potential" if he was interviewed today.
Just proves it's a total waste of time listening to any of these 'analysts' or so called experts. All of us know the end-game - gold WILL go higher period. There is no way this amount of money printing and low interest rates can go on like this for ever. At some point dollar strength will be affected and hard assets like gold will be favored again. Maybe 2015 will be the start of that. Sure we might have been early on our optimism, but who the hell cares what the naysayers think. At the very least the last few weeks have proved what a great hedge it is against the AUD which dropping like a rock. I think we might see 60c this year. And no, a weak currency is not a good thing.
Dont know why TreasureHunter didnt quote Mr Gan from more recently...like mid-Dec... http://www.bloomberg.com/news/2014-...-recovery-in-15-anz-predicts-citing-asia.html Mr Gan seems to have altered his (still bearish) prediction on the 23rd of Jan to... http://economictimes.indiatimes.com...ar-gains-on-ecb-move/articleshow/45990854.cms
It's going to have to do a LOT of dropping to average 1k this year including breaking below $1000 for a while. That's a very bold prediction in today's climate.
