Gold’s Best Forecaster Says Prices to Reach $1,630: Chart of Day
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Gold may climb as high as $1,630 an ounce next year as investors seek protection from financial turmoil in Europe and the U.S. and as Chinese demand rises, according to Tom Kendall, the most accurate forecaster for 2010.
The CHART OF THE DAY shows gold’s 26 percent gain this year and the Dec. 7 record of $1,431.25 an ounce. The metal may climb as much as 18 percent in 2011, said Kendall, an analyst at Credit Suisse Group AG in London. In this year’s London Bullion Market Association survey, Kendall predicted this year’s high within 0.1 percent. The red line shows the median forecast of 20 analysts surveyed by Bloomberg for next year’s average price, currently $1,400.