NEW YORK (Commodity Online):
In one of the highest predictions yet made by an investment bank analyst, Bank of America's MacNeil Curry sees gold prices hitting $7000/oz before ending the uptrend.
According to MacNeil, commodity bull markets end with a massive speculative blow off and they don't end quietly. If gold was topping out, the daily ranges would have span around $200/oz and we have not seen anything like it.
"Until we see price action take some kind of massive speculative blow-off, where prices effectively double in a year or less, I have to maintain a long-term bullish bias. That says to me, we'll probably see a move in gold, before all is said and done, to between $3,000 to $5,000 (per ounce) and potentially $7,000 per ounce”.
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