The Gold Bear Market Is Over; Prices to Hit $1,350 in Q4 - London Firm

KITCO NEWS - The gold bear market is all over, this according to one well-known metals research firm.
Author:
Publish date:

KITCO NEWS - The gold (GLD) - Get Report bear market is all over, this according to one well-known metals research firm. Speaking with Kitco News on Monday, Phil Newman, co-founder of the London-based firm Metals Focus also added that he sees improving prices throughout the year. '[L]ike many other people we see the bear market as over. Prices will continue to improve over 2016 and beyond this year,' he said. Newman, a longtime gold forecaster, added that short-term, gold could weaken due to the uncertainty surrounding the rate hikes of the Federal Reserve. However, by the fourth quarter, the firm is forecasting gold to trade around $1,350 an ounce. Midday Monday, the yellow metal had given back morning gains as U.S. stock indexes moved from slightly lower levels to slightly higher levels on the day. June gold was last down $1.60 an ounce at $1,233 after trading as high as $1,243.30 earlier in the session.

This article is commentary by an independent contributor. At the time of publication, the author held TK positions in the stocks mentioned.