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The 2014 gold outlook was revised up to $1,275 an ounce from $1,181 previously, while the silver forecast was revised up to $21 from $18, said the Canadian bank in a quarterly report.

22 Oct 2013

OTTAWA (Commodity Online): Toronto based BMO Research upwardly revised its gold and silver forecasts for 2014, although the bank listed expected averages that are down modestly from current prices.

The 2014 gold outlook was revised up to $1,275 an ounce from $1,181 previously, while the silver forecast was revised up to $21 from $18, said the Canadian bank in a quarterly report.

“Gold prices remain relatively volatile but range-bound. Macro events continue to be the heavyweight driver of gold price direction, but the most recent events have seemingly been priced in. Combined with a general lackluster interest in metals, there is little upside support for precious metals in the near term,” said the bank.

The Bank favors palladium over platinum, although it left its palladium outlook unchanged and revised up the platinum forecast marginally.

They described that palladium, iron ore and met coal as its preferred commodities and said it was neutral on copper, platinum, gold and silver. The bank is cautious on diamonds, nickel, uranium, zinc, thermal coal and aluminum. BMO looks for prices generally to remain largely range-bound through year-end.

BMO Research also said that it expects gold and silver prices to decline through 2014, assuming the U.S. recovery is well under way. Gold could potentially be supported over the longer term by unknown fallout from years of easy money.

“The last four years of money printing and increasing debt levels are unprecedented, and the medium- to long-term repercussion of these actions can only be speculated,” the firm added.

Other base metals, for which there were no revisions to 2014 forecasts, include aluminum 82 cents a pound; nickel, $7.25; zinc, 85 cents, and lead, $1.


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