Gold price will fall within next three months

According to results of a poll which was conducted by Reuters, prices of gold will drop and go below $1500 per ounce in the upcoming three months. Gold prices will not be retesting the all time high’s which were achieved in September till later months of 2012. The poll conducted by Reuters took into account 20 hedge fund managers, traders and economists.  This month alone, prices of gold have dropped by 11 percent. According to many, the bullion will now enter in the bear market

and throw away the big high’s it has achieved over the course of years. Gold has been rising for more than a decade now but the new forecast regarding gold prices is starting to spark fears that it may all come to an end now.

Many respondents made a prediction about gold to go below $1450 per ounce in the first quarter of 2012, while three respondents said that prices may become as low as $1400 per ounce. The forecast of hedge fund managers and others comes as gold performed miserably in the past week as prices reached extreme lows of $1560 per ounce and the status given to gold as a manna from heaven raised eyebrows of many. Prices of gold is falling during times of high economic uncertainty is an unusual phenomenon. According to Tiberius’s chief executive officer and founding partner, Christoph Eibl said that headline risk news are on a new high this year and gold prices falling in such circumstances is surprising. Tiberius is a Swiss commodity hedge fund. He also said that according to them, in 2012, of the entire set of metals, gold will perform the worst. For those who have gold, it may be a better time to sell it because prices will probably not be rising in the coming months and if you plan to sale gold in the upcoming months,  you don’t want to wait.

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