While many investment banks have lowered their gold price targets in recent
weeks, Credit Suisse did the opposite. The firm lifted its average 2012 estimate
from $1,540 to $1,850 per ounce, and forecasted that the yellow metal will
rebound from last months weakness over the remainder of 2011. Given that many of
the factors that have underpinned the rapid increase most importantly, fears of
a global meltdown remain in place, we expect gold prices to continue to recover
over the balance of 2011, analyst Tom Kendall wrote in a note to clients.
Looking out over the next several years, however, Kendall was not as bullish.
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