We might be getting close to an immediate term bottom, this is the third such headline* I've seen this week. Gold was recently trading at $733.70, down $34.30.
From the Financial Post:
Expectations for weaker industrial demand and growing mine supply has forced TD Newcrest to cut its gold and silver price forecasts.
The research firm now expects gold to average US$850 per ounce in 2009, down from US$1,100 previously. TD also cut its 2010 and 2011 targets from US$975 and US$900, moving to US$800 for those years and beyond.
Its target for silver plunges from US$20 per ounce next year to US$10.40, from US$18 to US$11 in 2010, US$16.50 to US$12 in 2011, and from US$14.50 to US$12 long-term....MORE
*We've also seen a couple higher price targets:
MarketWatch, Oct. 14: Gold could hit $1,500, say Merrill analysts
Reuters, Oct. 15: JP Morgan raises 2008-09 gold price forecast