Among other asset classes that got slammed in recent weeks, gold totally got torpedoed falling below $1,300 for the first time since 2010.
And with inflation falling and the dollar stronger, analysts across Wall Street are convinced the yellow metal will continue to lose its luster.
Unfortunately, this has been devastating for the gold bulls, especially those who expected easy monetary policy to send prices into the stratosphere.
While gold prices were on their ascent, we heard some bullish calls from high-profile Wall Streeters that would make dotcom era equity analysts blush. For whatever reason, gold ultra-bulls argued that the precious metal would be worth multiples of where it is today. We've heard targets from $5,000 to $46,000.
With prices plummeting again (currently around $1,282/oz), we thought it would be a good time to revisit some of the wildest gold price targets we've heard in the last year.
$5,000 — BofA Merrill Lynch's MacNeil Curry
"Minimum upside targets are seen to the 6-month range highs at 1789/1803, with potential to the Sep’11 highs at 1921 and a resumption of the secular bull trend that ultimately targets a price of $3000 to $5000 an ounce."
$6,000 — Ben Davies
"...But people are ultimately exiting out of these fixed income assets, this sovereign debt, and they are going to be going into gold. I can see that the Asian demand is still very palpable. In fact it’s increased from last year quite dramatically. That is the buyer in the market. The question is, will they (China) be there over the summer months?
"Look, if you were to run M4, M3 numbers, etc, and assert a value to gold on an appropriate metric relative to that, obviously gold would be at stupendous prices. I believe that gold has considerable room to go to the upside, four or five times (Gold price above $6,000). I think that’s not an inappropriate suggestion."
$6,300 — Citi's Tom Fitzpatrick
"When we look at the move in 2006/2007, if we follow that trajectory it should take gold up towards $2,400. But we see no reason why this gold trend cannot perform as well as the last bull market in gold between 1970 and 1980. If you replicated that move exactly, it will take gold to $6,300."
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