Jul 15, 2008

Erste Bank Gold Report: A Shiny Outlook!

In a 60 page Special Report on gold, Austria's Erste Bank analyst, Robert Stoeferl reckons that in spite of the recent correction the yellow metal "remains in a secular bull market and that the positive fundamental outlook will not change a lot over the remainder of the year and beyond."

With seemingly massive support seen around the $850 level, the report suggests that the price will remain in the $850-$950 band during the summer months with the $1000 mark being clearly passed again later in the year. Passing $1200 is seen as the first target and in the long run the price is seen as passing the inflation-adjusted all-time high of $2,300.

As if to place emphasis on the remonetisation aspect of gold, Stoeferle concludes his report with the J.P. Morgan Satement to the U.S. Congress in 1913 - "Gold is money, and nothing else".

To access the 60 page Gold Report, please click HERE

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