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 a continuing theme. Mike graduated with a business degree, then worked with Macy's. After Macy's he spent a summer trading his own account, which taught him a lot about trading in general and markets in particular. Trading through the Black Monday and the Crash of 1987 showed him how most people are unprepared for upheavals in their trading. He then joined a well-known financial planning firm as a financial advisor, helping regular people understand their finances and meet their life goals.

Then came the usual story - Mike met and married the lady of his dreams. They moved to upstate New York, where he worked first for a small manufacturing consulting company, then a major university. While loving the work and the higher-education atmosphere, Mike missed the world of finance. Eventually, he signed up for stock trading coaching with the Adam Mesh Trading Group, to learn from people who understood modern markets. Within a year, Adam asked Mike to become a stock trading coach.

Since then, Mike has trained over 200 individuals, spoken at several national conventions, and is a frequent contributor to conference calls across the Adam Mesh community. 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 keep him in touch with "the student mindset". Mike closely follows the gold, energy, and financial sectors. 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.