The Deutsche Bank raised its 2013 and 2014 forecasts for metals commodities of gold and silver, the gold price could exceed to $2,200 a ounce in 2013. the bank lifted its 2013 gold price outlook by 3% to $2,113 per ounce and its 2014 forecast by y 11.1% to $2,000/oz. The German bank similarly advanced its 2013 price forecast on silver by 3% to $44/oz and its 2014 outlook by 11.1% to $40/oz.
Deutsche Bank analys that a major support for precious metal prices are the recent moves by central banks to expand their balance sheet. Since gold is often sought as a hedge against currency weakness and inflation at times of loose monetary policy, such moves tend to boost its appeal to investors. While we have targeted gold prices moving above $2,000/oz since the beginning of 2011, we believe the Fed's open-ended program of QE announced last month increases our confidence that a surge in the gold price above this level is only a matter of time.
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