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SocGen: Gold price heading for $1,200, doubt miners’ cost figures

Posted on 18 June 2013

Gold at $1,200? That’s the price target Societe Generale’s Michael Haigh, Jesper Dannesboe, and Robin Bhar argue this morning will result from more ETF selling and not enough buying in jewelry, coins and bars.
SocGen uses the “b” word — bubble — as it argues the investment demand unwinding over the last several months has been key to the metal’s 12-year price rise. The firm also doubts gold miners will curtail production much in the event of a fall in gold’s price — on account of the trio’s contention that miners have inflated production costs………………………………………..Full Article: Source


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