New York, NY (PRWEB) April 06, 2013
Paris-based bank Societe Generale went public this week with a gold price prediction of $1375 per ounce by the end of 2013. The bearish prediction is based mainly on the belief that U.S. interest rates will begin to rise dramatically, as well as analysts’ belief that the U.S. economy is recovering and that American currency is regaining some of the value that was lost during the last few years due to U.S. Federal Reserve policies.
Arthur McGuire, Vice President of Gold Coin, rebuffed the bearish forecast. “Their premise does not hold water, because if you look back to the (19)70s and (19)80s gold spiked each time rates rose,” McGuire said. “As far as economic recovery and a strong greenback, I don’t know what sort of data they have access to in Paris but those of who live in America see a very different reality.”
McGuire adds, "Prices for gold coins have fallen recently as the gold spot price has decreased during the last few weeks, but record breaking sales numbers from organizations such as the U.S. Mint, as well as the widespread liquidations of ETFs recently, could be a sign that investors are starting to see the need to hedge their paper investments with physical gold."
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