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JP Morgan Rollbacks Metals Forecast

This just in.

Analysts at JP Morgan on Cazenove on Tuesday revised down the price forecasts for most metals, including cutting the outlook for gold in 2013 to $1,595 an ounce from $1,745 previously expected.

They didn’t note what could possibly be undermining a logical metals reaction to incessant quantitative easing.

In the near term, the analysts revised the gold outlook 18% to $1,450 in the second quarter, whilst lowering the 2015 forecast by 5% to $1,650 an ounce.

The outlook for copper in 2013 was cut 4% to $3.50 a pound, or $7,707 per tonne from $8,032 per tone expected previously. For silver, the 2013 forecast was cut to $27.89 an ounce from $30.01.

August delivery gold lost $8.60 to $1,379.20 an ounce in Tuesday trading, whilst silver for July fell 23 cents to $22.27 an ounce. July copper added 1 cent to $3.31 a pound.


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