Citigroup analysts don’t like gold, they see it below $1250 by year-end.

  • Higher volumes of producer selling, improvements to the global economic picture and concerns about tapering will all weigh on it

Morgan Stanley say pretty much the same thing; they say:

  • tapering is just delayed but is inevitable
  • that Chinese buying pressure will decline because the market there is well-stocked,
  • and India is unlikely to see much of a big bounce in demand because of the 10% import tax

Any thoughts on gold welcome (looks like an opportunity for counter-consensus traders?)