from Kitco NEWS
lass=”” >Post-Brexit, one research firm says it was eyeing $1,400 gold before the referendum and is sticking with its forecast. Julian Jessop, head of commodities research for London-based Capital Economics, says he wouldn’t be surprised to see the yellow metal hit $1,400 an ounce over the next few weeks. However, he is also not ruling out prices coming down. Jessop has not cancelled out the possibility of an interest rate increase yet. While he remains bullish on gold, he expects prices to pullback as initial fears fade. ‘Already you’re seeing signs of a bit of calm creeping back into the market,’ he told Kitco News. Gold prices were higher and near the daily high on Wednesday, as the overall technical posture for gold remains bullish. August gold futures settled the day up at $1,326.90 an ounce. Jessop also explains why he is not surprised by silver’s impressive run-up, saying it is simply following gold’s lead. Comex silver futures scored a 21-month high above $18.50 an ounce on Wednesday.
Don’t forget to sign up for Kitco News’ Weekly Roundup – comes out every Friday to recap the hottest stories & videos of the week: http://www.kitco.com/newsletter
Join the conversation @ The Kitco Forums and be part of the premier online community for precious metals investors: http://kitcomm.com — Or join the conversation on social media: @KitcoNewsNOW on Twitter: http://twitter.com/kitconews — Kitco News on Facebook: http://facebook.com/kitconews — Kitco News on Google+: http://google.com/+kitco — Kitco News on StockTwits: http://stocktwits.com/kitconews