JPM Cuts 2001 PM Price Forecasts
Buying back into FCX today. Sold remaining shares of Drooy - will look to buy back cheaper. Continue to hold core HGMCY, CDE, KGC, MIDSX, GOLD and adding to my sleeper long-term brokerage play ET (Under 6)
Taken from the G9999 site -
Broker J. P Morgan has cut its 2001 price forecasts for precious metals as the September 11 attacks on the United States and any subsequent response have tipped the global economic outlook into recession. The broker said the current downturn in commodity markets is still seen as cyclical, rather than a more worrying structural dislocation. But the U.S. business cycle is unlikely to show a meaningful recovery until the second quarter of next year, and it may not be until late 2002 that non-U.S. economies start to show some form of synchronized recovery.
J.P Morgan¡¦s estimate for gold price in 2001 is at US$273.00/oz, revised from previous estimate of US$275/oz, while the price in 2002 is at US$280/oz. Its estimate for silver price in 2001 is at US$4.45/oz, revised from previous estimate of US$4.60/oz, while the price in 2002 is at US$4.45/oz. Its estimate for platinum price in 2001 is at US$530.00/oz, revised from previous estimate of US$585/oz, while the price in 2002 is at US$395/oz. Its estimate for palladium price in 2001 is at US$610.00/oz, revised from previous estimate of US$750/oz, while the price in 2002 is at US$350/oz. |
