Gold is likely to reach a new all-time record high above $2,000 per ounce during the third quarter of 2012, according to analysts at Barclays Capital.
The firm predicted that the yellow metal will rise 21% by the end of the year, which would put it at approximately $1,892 per ounce.
The broader commodities sector is likely to post solid gains this year, Barclays contended, and precious metals are expected to outperform base metals, energy, and agricultural products. As for silver, the firm forecasted that it will follow a similar trajectory to that of gold by peaking in the third quarter.
In a report to clients, Barclays wrote that “We believe commodity investment flows will rebound in 2012, but will not go back to the very high levels reached in 2009-10. An easing in the unusual factors which capped flows last year, ie, the European debt situation, along with what we expect to be an economic stabilization, should provide upside potential to commodity investments.”
Extorre Files Updated Resource for Cerro Moro
The new resources will form the basis of an updated mining and economic study for the project, which is scheduled for release during the first quarter of 2012. Extorre will evaluate the potential for a mine development at a larger scale (1,000-1500 tonnes per day). The study will be at a confidence level sufficient for the Board to make a financing and mine development decision. Full Extorre Gold Mines Press Release.
- The new resource estimate is based on all drilling data available as of October 10, 2011 and includes maiden contributions from four new mineralized zones: Zoe, Martina, Carla, and Nini
- Indicated and Inferred resources increased by 46% and 166%, respectively, compared to the previous resource estimate
- Considerable potential for additional mineralization remains at the majority of the veins included in the resource, both along strike and at depth
- Following the year end break, exploration utilizing four rigs is scheduled to continue at Cerro Moro