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 | Fri, 21 Nov 2008 |
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Posted: Mon, 16 Jan 2006 [miningmx.com] -- THE London Bullion Market Association (LBMA) has released the results of its annual 2005 gold forecast competition. David Holmes, an analyst from The Royal Bank of Canada (RBC) in London came out tops, predicting an average gold price of $446/oz. The actual average gold price over 2005 was $444.448/oz. Ross Norman, of TheBullionDesk.com came a close second, predicting an average gold price of $447/oz in 2005. In justifying his forecast early in 2005, Holmes said the RBC's team had based their projection on the expectation of further weakness in the US dollar and a continuation of the strong negative correlation between gold and the dollar. "In addition to the boost from a weaker dollar, gold will benefit from lower central bank sales in 2005 - relative to 2004 - and continued reductions in the aggregate producer hedge book," Holmes said. To see the full table of the various gold price predictions for 2005, and how analysts fared, click here.
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