Commodity Prices

Gold •708 days	2,368.70	+35.30	+1.51%
Platinum •14 mins	1,695.80	+30.10	+1.81%
WTI Crude •11 mins	85.56	-2.15	-2.45%
Gasoline •11 mins	3.051	-0.050	-1.62%
Ethanol •708 days	2.161	+0.000	+0.00%
Silver •708 days	30.82	+1.16	+3.92%

Silver • 708 days	30.82	+1.16	+3.92%
Copper • 708 days	4.530	+0.111	+2.51%
Brent Crude • 11 mins	88.30	-2.08	-2.30%
Natural Gas • 11 mins	3.128	+0.041	+1.33%
Heating Oil • 11 mins	3.424	-0.090	-2.55%

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Ronald-Peter Stoferle

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In Gold We Trust

By Ronald-Peter Stoferle - Jul 11, 2012, 9:24 AM CDT

The foundation for new all-time-highs is in place. As far as sentiment is concerned, we definitely see no euphoria with respect to gold. Skepticism, fear, and panic are never the final stop of a bull market. In the short run, seasonality seems to argue in favor of a continued sideways movement, but from August onwards gold should enter its seasonally best phase. USD 2,000 is our next 12M price target. We believe that the parabolic trend phase is still ahead of us, and that our long-term price target of USD 2,300/ounce could be on the conservative side.

In Gold We Trust