Gold Prices Could Peak at $5,000: Bank of America

As gold prices hit a 2012 record of $1,787.40 per ounce on Friday, Bank of America Merrill Lynch analysts said the precious metal could soar to $3,000 or even $5,000 over the longer-term.

“We will be focusing in on gold. Ultimately we think gold can trade between $3,000 and $5,000 an ounce going forward,” MacNeil Curry, head of foreign-exchange and rates technical strategy at BAML, told CNBC’s “Worldwide Exchange.”

“Certainly not within the next few months, but on a long-term basis we are on a well-defined uptrend, and we have got more to run before that runs its course.”

Sabine Schels, senior director and head of fundamental commodity research at BAML, added: “The best long story for commodity markets right now is gold. In the type of aggressive monetary policy easing environment we have right now, post what the Fed has done with an open-ended QE, and what the ECB has done, you really want to be invested in gold.”

Read Full Article from CNBC

- Posted: 2012-09-21 14:18:35

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