by Lawrence Williams, MineWeb.com
In his submissions to this year’s LBMA precious metals forecasting competition, Ross Norman who heads up London bullion broker Sharps Pixley, and who has been probably the most successful forecaster in the LBMA panel in the past, says he is going out on a limb with his forecast for the gold price average this year at $1321. He is also looking for a gold price high of $1,450 and a low of $1,170 during the year. The LBMA is expected to publish its full listing of its annual competition forecasts later this week, along with the analyst participants’ reasons for their predictions.
Norman has been the outright winner of the price forecasting sections of the LBMA competition five times in the past (and a runner up four times) – usually by ‘going out on a limb’ which was a pretty good policy when the gold price was in its bull market phase Norman has also had numerous other Top 10 positions. Perhaps he tends to favour the more bullish trends so will he be back on track again this year? If the current momentum in the gold price gathers more strength still his forecasts could even prove conservative but it would perhaps be foolhardy to automatically assume that gold’s good start to the year will not beget a serious correction at some stage later on.
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