(Kitco News) — Geopolitical risks will continue to support gold and silver, although silver may attract more attention than gold because of price, says Robin Bhar, senior metals analyst at Credit Agricole-CIB. Higher oil prices, Japan’s crisis and Eurozone debt also lend support. The PGMs won’t fare as well, he added. “PGMS remained vulnerable because of demand destruction in the short-term as industrial activity suffers. Palladium is more vulnerable than platinum because the Japanese auto market is predominantly a gasoline market using mostly palladium for emissions control,” he says.
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The one-month price forecast for gold was increased to $1,450 an ounce from $1,420. Silver’s one-month price target was increased by $2 an ounce to $38 and the three-month target by $2 to $40. Platinum’s one-month target was cut by $50 an ounce to $1,800 and the three-month target by $75 to $1,875. Palladium’s one-month target was cut by $75 to $825 an ounce and the three-month target by $75 to $875.
By Debbie Carlson of Kitco News; firstname.lastname@example.org