According to Forbes, Merrill Lynch analyst Francisco Blanch is predicting gold at $1500 an ounce.
Citing inflation pressures as a result of the financial bailout, gold ETFs (electronically-traded funds) like SPDR are expected to soar. Many analysts believe that gold, while experiencing significant swells in pricing, has not yet made its move.
According to Bianch, “gold has shown flashes of running but has not broken out. The obvious trade on paper is not so obvious to the market tape at this point.”
The global plans in place to stabilize the financial sector have not seen the worse yet. Merrill Lynch’s opinion on gold is that it will soar due to “inflationary pressures to the commodity markets”. Additionally, oil is predicted to reach $150 a barrel. The senior analyst at USAGOLD, Peter Grant, is predicting that the “debasement” of all currencies will additionally drive gold prices.
Although these predictions are gaining attention, there is no timeline posted on the predictions.
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