RJO's Haberkorn: gold prices may ease further but rally to $2,000 by year-end
(Kitco News) - Gold may pull back some more in the near term before it runs to $2,000 an ounce, said Bob Haberkorn, senior commodities broker with RJO Futures. Haberkorn said he anticipates further weakness in equities due to poor corporate-earnings reports, and falling stocks may drag down the metal just as they did in March. “Overall, the [gold] trend is up,” Haberkorn said. “Long term, I think you have to be in gold, with the all of the QE [quantitative-easing] programs going on around the world and low interest rates. But over the short term over the next week or possibly the next two weeks, gold looks like it is going to have have some pressure due to lower equities.” Gold is showing signs of “running out of steam” on the technical charts, he said. “There is no news out there to push it higher in the short term. But I still think by the end of the year, you’re going to see $2,000 gold.” Gold fell Thursday but recovered to near-steady levels Friday, with the Comex June futures down 30 cents to $1,693.90 an ounce as of 10:51 a.m. EDT.