Posted by: youngragingbull | May 28, 2013

JPMorgan cuts metals forecasts for 2013

J.P. Morgan analysts on Tuesday slashed the price forecasts for most metals, including cutting the outlook for gold in 2013 to $1,595 an ounce from $1,745 expected previously.

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

The copper outlook for 2013 was cut 4% to $3.50 a pound, or $7,707 per tonne from $8,032 per tonne expected previously.

For silver, the 2013 forecast was cut to $27.89 an ounce from $30.01.

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