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Morgan Stanley Lowers Guidance on Gold, Silver
Jun 25, 2013 8:41 AM
By Jeff Miller
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RAPAPORT... Morgan Stanley lowered its 2013 gold price guidance by 5 percent to $1,409 an ounce and slashed its forecast for 2014 by 16 percent to $1,313 an ounce. Gold was trading in London this morning at $1,281 an ounce, down nearly 20 percent from one year ago.
Morgan Stanley also dramatically revised its guidance lower for silver, dropping the price 14 percent this year to $23.39 an ounce and the forecast contracts another 29 percent in 2014 to $21.01 an ounce. Silver was trading at $19.71 an ounce this morning, down 29 percent from one year ago. According to a client note issued by Morgan Stanley, investor demand for safe-haven assets is waning against the backdrop of a strengthening U.S. dollar and rising U.S. bond yields. These conditions provide a much less favorable environment for gold and silver for the foreseeable future.
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Tags:
gold, guidance, Jeff Miller, morgan stanley, prices, silver
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