mineweb.com / By Dorothy Kosich / Monday , 19 Nov 2012
Even though dollar gold prices are relatively strong, ScotiaMocatta, the gold bullion banking division of Scotiabank, observes that gold in a host of currencies has reached record highs this year.
“What is interesting is that this represents a mixture of developed and emerging economies, which highlights the broad-based appeal of gold as an alternative currency.’
Meanwhile, “having consolidated between September 2011 and September 2012, we feel gold prices have started another up leg that is likely lead to new highs during 2012,” ScotiaMocatta said.
In their November 2012 Precious Metals Forecast, ScotiaMocatta declared “we would not be surprised to see prices reach $2,200/oz. Should prices undergo another correction in the short term then we would look for good support around $1,600/oz.”