Low Inflation Means Societe Generale Sees Gold at $1,000
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Societe Generale SA’s Michael Haigh says the chances are increasing that gold will drop to $1,000 an ounce as the cost of oil tumbles.
“The oil-price shock is adding more ammunition to the downward pressure on gold,” Haigh, who correctly forecast gold’s 2013 rout, said in an interview in New York. Cheaper energy “means lower inflation and adds to the bearish gold story,” he said yesterday.