According to a survey of the four most accurate precious metal forecasters tracked by Bloomberg over the past two years, gold prices will rise to $1,713 this year and $1,938 in 2012.
Option traders are also betting big on gold rally to continue. The number one spot is captured by the speculators betting on a $2,000 by November, followed by $1,800 for the same month, data shows as of July 29.
Seems like our price forecast of $1,750 for 2011 is rather conservative for some gold market players!
The most accurate forecasters tracked by Bloomberg were Jochen Hitzfeld of UniCredit SpA in Munich; Jason Schenker of Prestige Economics LLC in Austin, Texas; Anne-Laure Tremblay of BNP Paribas SA in London; and Thorsten Proettel of Landesbank Baden-Wuerttemberg in Stuttgart, Germany.