Gold may average below $1,000/oz in 2010, and possibly as low as $950/oz, Although there remains huge uncertainty concerning the economic and financial markets, we feel the balance of probabilities favors an eventual resolution of economic imbalances, such that investor interest in gold and silver will gradually begin to unwind,
a steady economic recovery would lead to rising asset values and undermine demand for store-of-value assets with low yields such as gold. Adds, rising gold output, the IMF's plan to sell gold and much lower levels of producer hedge buybacks all make the fundamental outlook bearish.
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