Citigroup Ups Barrick, Gold, Silver Price Targets

Source: Reutersáá(10/8/07)

John Hill, director, metals research at Citigroup in San Francisco, said he now expects gold to rise to $750 per ounce for 2009, $800 for 2009 and $820 for 2010.


Citigroup on Monday lifted the price targets of gold miners including Barrick Gold Corp, and Freeport-McMoran Copper & Gold Inc boosted by higher forecast for gold prices based on strong market fundamentals.

John Hill, director, metals research at Citigroup in San Francisco, said in a client note that gold should benefit from safe-haven buying, favorable exchange rates and seasonal demand.

Hill said he now expects gold to rise to $750 per ounce for 2009, $800 for 2009 and $820 for 2010.

"Within this, a test of $850 to $1,000 per ounce is likely. Corrections, possibly in early 2008, should be treated as opportunities," Hill said.

He also raised his estimates for silver based on robust bullion prices. Hill now forecast silver to hit $15 per ounce for 2008, $15.50 for 2009 and $16 for 2010.

Related Articles

The Gold Report The Gold Report