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HSBC lowers gold and silver price forecasts for 2013, 2014

Posted on 25 June 2013

HSBC on Monday lowered its gold and silver forecasts for 2013 and 2014, mainly on the US Federal Reserve’s plans to reduce economic stimulus and weak Chinese growth prospects. The bank also said that its positive outlook for U.S. dollar implied more weakness for gold.
“Although we expect a positive physical demand response to eventually cushion gold’s drop, we do not believe it will be of the scale or magnitude of the reaction in April,” HSBC analyst James Steel said in a note to clients………………………………………..Full Article: Source


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