So the gold price drops, so the gold forecasts drop. Some recent calls in order of bearishness:
- Deutsche Bank – fair value $785
- Morgan Stanley – $800 under worst case scenario, $1,190 average for 2015
- Claude Erb – fair value $825, will overshoot on downside to $350
- Bloomberg Survey – $984 average estimate by 31 Dec 2015
- Goldman Sachs – could fall below $1,000
- ABN Amro – $1,000 by 31 Dec 2015 and $800 by 31 Dec 2016
- OCBC – $1,050 by 31 Dec 2015
- Capital Economics – $1,050 by 30 Sep 2015, $1,200 by 31 Dec 2015
- UBS – $1,180 average price over second half of 2015
And he stoppeth one of three.
'By thy long gold beard and glittering eye,
Now wherefore stopp'st thou me?
And I’ve told them I am in;
The punters met, the strategy set:
May'st hear the merry din.'
'There was a newsletter,' quoth he.
'Hold off! unhand me, gold-beard loon!'
Eftsoons his hand dropt he.
The punter he stood still,
And listens like a newbie trader:
The Goldbuggee hath his will.
He cannot choose but hear;
And thus spake on that Goldbugee,
And mumbled in his beer.
Merrily did I logon
The trend lines were so obvious,
Nothing could go wrong!
Out from the lows came he!
And he shone bright, and by the night
I had traded profitably.
Till at the peak in eighty-'
The Punter then he beat his breast,
I lose the whole lot matey.
Red as a rose is she;
Nodding their heads before her goes
The merry advisory.
Yet he cannot choose but hear;
And thus spake on that ancient man,
The bright-eyed Goldbugee.
Was tyrannous and strong:
He struck with his o'ertaking wings,
And chased us south along.
As who pursued with yell and blow
Still treads the shadow of his foe,
And forward bends his head,
The ship drove fast, loud roared the blast,
And southward aye we fled.
And it grew wondrous cold:
And bears, giant-high, came thundering by,
As brown as ??.
Did send a dismal sheen:
No bullish shapes did we ken—
The bear was all around.
The bear was all around:
It cracked and growled, and roared and howled,
Like noises in a swound!