A Longtime Gold Bear Capitulates as Global Economy Turns Gloomy
- ABN sees gold rising to $1,300/oz by year-end, up from $900
- Bank no longer expects Fed to raise interest rates in 2016
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For years, ABN AMRO Group NV’s Georgette Boele has been a staunch bear on gold as prices tumbled. Now with gold on the brink of a bull market, she’s changed her tune.
Boele changed her year-end forecast to $1,300 an ounce from $900, according to report released Tuesday. That implies a 7.7 percent advance from today’s level, instead of a 25 percent decline. The Amsterdam-based bank made similar changes for silver and platinum.