(see post below)
From the Financial Post:
UBS analysts last upgraded their gold forecast in October. At the time, they said that improved supply-demand fundamentals and the prospect of an investment-led surge could push bullion through its all-time high. It turned out to be a pretty good call.
"All that we expected to happen came true, but at a much faster pace than we expected," they wrote in a note to clients.
So what now? The analysts note that it is hard to have a negative outlook for precious metals, given that gold has stabilized at a record high, credit markets remain unstable and the chances of a U.S. recession increase.
However, they still think gold is about US$150-US$200/oz above the level supported by fundamentals....MORE
