LBMA gathers in Peru to disparage gold, discourage redemption of unbacked paper

Section:

Shaken Gold Bulls Learn to Accept 'New Normal'

By Clara Denina
Reuters
Tuesday, November 11, 2014

LIMA, Peru -- Blinking from sweeping reform on price benchmarks, even the most die-hard gold enthusiasts accepted that the market's glory days had faded for now, as the bullion industry's annual conference agreed prices would nurse losses over the next year.

Gold, which hit a four-year low of $1,131.85 an ounce last week, was expected to stabilise around $1,200 an ounce by October 2015, some of the 400 delegates at the London Bullion Market Association annual conference in Lima, Peru, forecast.

Spot gold has shed around 5 percent this year, in the wake of last year's 28-percent tumble that halted a 12-year rally. It is currently trading at around $1,170.

"The question is not anymore whether gold prices can rise, but how long they will languish at current levels," one banking delegate said. ...

... For the remainder of the report:

http://www.reuters.com/article/2014/11/11/gold-conference-mood-idUSL6N0T...



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