from Kitco NEWS
CPM Group’s Jeff Christian is optimistic on gold prices for the year, despite expecting a slight pullback in the coming quarters. ‘I think the fundamentals are in place for gold to come back off,’ he told Kitco News on the sidelines of the world’s largest mining convention, the PDAC, in Toronto. ‘We’re looking for gold prices to come off second and third quarters, but we’re looking at a base perhaps at $1,170, maybe as low as $1,130.’ However, moving forward, Christian said that although he doesn’t expect investors to race back into gold, he sees the metal gradually moving higher. ‘Our view is that the low is in and you’ll continue to see investors build their interest in gold.’ Commenting on Goldman Sachs’ recent bearish comments on the metal, Christian simply said the investment bank isn’t ‘well-versed on the fundamentals of the market.’