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LBMA Attendees See $1,347/Oz Gold In One Year

(Kitco News) - Gold will rise to $1,347 an ounce during the next year, according to a poll of attendees after the London Bullion Market Association’s annual conference in Singapore this week.

If so, that will mean a rise of 6% from the spot price of $1,270.35 around 8 a.m. EDT Wednesday.

LBMA Attendees See $1,347/Oz Gold In One Year
Comex December gold

The LBMA asks audience members where they think each of the precious metals will go as of the 2017 LBMA conference, which is scheduled for Oct. 15-17 in Barcelona.

Participants were most bullish about silver over the next year, the LBMA pointed out. The average of forecasts was $20.90 an ounce, which would be an increase of 18% from the early-morning price of $17.73.

LBMA attendees collectively see platinum rising to $1,053.30 and palladium climbing to $752.50. Around 8 a.m. EDT, these metals were at $944.50 and $640.75, respectively, meaning LBMA forecasters see rises of 12% and 17%.

More than 700 delegates, representing 34 countries, attended the 2016 conference, the LBMA reported.

By Allen Sykora of Kitco News;



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