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Citigroup Remains Bullish on Gold
Posted on May 22, 2008
Profit-taking by investors on a firmer U.S. dollar and a seasonal slowdown in fabrication may be working against gold, but spot prices continue to remain strong near the $920 per ounce mark. Bullion could climb much higher if things don t change significantly, according to a new report from Citigroup.Mining and metals analyst John Hill said the mix of macro and supply/demand factors, along with the same forces that have pushed gold higher for the last five years, give him good reason to remain bullish on gold. He sees prices climbing through 2009 and 2010, but a significant lift may not come...
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