Gold Prices: ICBC’s New Prediction

Amid all the negativity, some are now calling the bottom in gold.  The latest is Marcus Garvey of ICBC Standard Bank Plc, who sees gold prices rising back up to 1300 over the next 6 months.  

Calling this the bottom of the current cycle and seeing increasing demand factors, Mr Garvey believes there is more upside than downside at the present time.  He did, of course, leave open the possiblity for a dip below 1200 “if the current market dynamics persist”, which agrees with the view of your friendly Gold Enthusiast. Sadly the full interview isn’t online, but we can point you to a discussion of it that gives a few more viewpoints.  

Today’s featured article may be brief but it is informative!  Do you think gold will climb back to 1300 over the next 6 months?  Let us know in the Comments below.

 Related: Where is Gold Headed Now? Here’s What the Experts Think. 

About the author

Mike Hammer

Mike Hammer has had a wide-ranging career, with trading and investing as continuing themes. Mike graduated with a business degree and spent years as a financial advisor, before moving to New York and to pursue a career in IT and education. For more than a decade Mike has been working with the Adam Mesh Trading Group as a stock market and commodities mentor. He’s trained over 200 individuals, spoken at several national conventions, and is a frequent contributor to educational webinars.

Mike writes The Gold Enthusiast daily newsletter, runs the Golden Hammer trading service, and participates in the Mesh Private Portfolio. He also keeps a position in international education which keeps him in touch with "the student mindset".

Mike focuses on the precious metals markets, the energy industry, and the financial sector. His motto is "Plan your trade, then trade your plan!"

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    • Yes indeed, you got that right. Don’t you love these things? Of course what he’s trying to say is that he thinks it more likely that gold will go up. But dang it, sometimes it’s hard to just say something simply. Thanks for noticing the nice little “gotcha” we tried to subtly point out.