Posted on 05/17/2013 4:16:57 AM PDT by blam
CREDIT SUISSE: 'Gold Is Going To Get Crushed'
Sam Ro
May 17, 2013, 12:41 AM
Bearish sentiment toward gold has prices for the yellow metal tumbling again.
On Wednesday, George Soros revealed through a regulatory filing that he cut his gold exposure during the first quarter.
In a new note to clients, Credit Suisse's Ric Deverall forecasted that gold would plunge to $1,100 this year and eventually to $1,000 within five years. This according to Bloomberg's Maria Kolesnikova.
More from Kolesnikova:
“Gold is going to get crushed,” Deverell told reporters in London today. “The need to buy gold for wealth preservation fell down and the probability of inflation on a one- to three-year horizon is significantly diminished.” ... “When gold is going up, it looks like a great idea to buy more gold,” Deverell said. “And when it’s going down, do you really think risk-averse central bankers are going to try and catch the knife? No.”
Deverell was responding to the latest stats on central bank gold reserves. According to a new report from the World Gold Council, these banks bought around 109 tonnes of gold in the first quarter, marking the seventh straight quarter of net purchases.
(Excerpt) Read more at businessinsider.com ...
Gold is money ... everything else is credit -- J.P. Morgan
Personally, I think that paper gold (e.g. GLD) will fall to zero before long.
On the other hand, physical gold (bullion coins and bars) will soar through the roof.
Morgan was exactly correct. The value of fiat currency depends solely on a government guarantee ... and our government is broke!
Buy Gold!
Buy big in September.
Gold is good...silver better.
Buy level for silver will be 18.00 / oz.
reading the crystal ball again............
democratic spending has artificially overloaded the economy with excess cash which in turn has driven up the price of commodities including gold and oil. prices will fall across the board.
They hope...
;-)
It’s pretty funny that Silver is ~$22 an ounce but I can’t find physical silver for under $40.
Imagine seeing an ad for a car for $22,000, but when you go to the dealership to buy one, either they never have any or the one they have is going for $40,000.
That is not a sane world. Someone is lying and really insulting my intelligence.
Buy level for silver will be 18.00 / oz.
Gold Heads For Worst Slump Since March 2009 As Holdings Contract
Ha ha Credit Suisse, you wish.
But thanks for talking the price down. If it wasn’t for the constant paper attacks on Precious metals I would be 20 Kg of Silver poorer today.
Paper gold to zero? That defies the law of supply and demand. To make such a statement without establishing and defending your premise is intellectually dishonest. Explain please.
Me too... ;-)
The deficit declines but the debt climbs.
I’ll hold on to my gold miners shares
I sure hope so...at that point I would put every cent I had into gold. What the author leaves out is that the stock marked is being propped up by $85 BILLION a month from the Fed. The “credit” is going to run out, the debt is unsustainable, and this whole thing is going to crash...any idiot can see what us going on cannot continue. And when that happens, gold, silver and ammunition will be the goods of barter. Bring on the gold crash, can’t wait to buy it at $1,000 an ounce. Please hurry.
S&P Futures up to 1654 this morning...
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