Hey GuysVery exciting gold price forecast by Citigroup for IDC...

Hey Guys

Very exciting gold price forecast by Citigroup for IDC as they finalise upgrading and converting their current NI43-101 2,000,000 ounce Gold Resource to Australian JORC Resource at $950-1000 per ounce while the price of gold is averaging $1650 per ounce! The current 2,000,000 ounce resource is based on a gold price of $300 per ounce, we can expect a nice increase in the resource.

The last paragraph is the one to read! Citigroup is forecasting that the price of the yellow metal will hit $1950 per ounce in 2012!

Just in time for a further upgrade in the gold resource at the $1950 per ounce gold price. An increase of 18% over current elevated prices.

Cheers Nectar

Gold climbs on Europe hopes

by: Tatyana Shumsky
From: Dow Jones Newswires
October 25, 2011 6:53AM

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GOLD futures cinched their second day of gains amid hopes of a comprehensive solution to Europe's debt crisis and robust demand for physical gold in Asia.

December delivery gold, the most active contract, rallied $US16.20, or 1 per cent, to settle at $US1652.30 a troy ounce this morning on the Comex division of the New York Mercantile Exchange.

Thinly traded October-delivery gold settled up $US16.40, or 1 per cent, at $US1651.50 a troy ounce.

Europe's debt crisis remained in focus as investors hoped ongoing talks would yield a comprehensive solution to the region's sprawling problems by tomorrow, when a second summit is due to be held after weekend talks. Eurozone officials are looking at ways to hem in regional debt, boost the European bailout fund's firepower and bolster the banking system.

"We have advanced well on all subjects," French President Nicolas Sarkozy told reporters Sunday at the first of two eurozone summits. He added that "much work" lies ahead.
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Such signs of burgeoning progress in Europe have damped fears cash-strapped banks would liquidate their assets amid market panic, in a move that would threaten gold prices alongside riskier investments.

"If you're a little bit less worried that there is a European bank crisis out there you will speculate that if banks are going to get recapitalised, they don't need to shed their assets, and that includes gold," said Bart Melek, head of commodity strategy at TD Securities.

Gold prices slumped 11 per cent in September as investors rushed to the safety of cash amid fears a Greek default would spark a liquidity crunch.

Gold futures have traded above $US1600 for over two weeks in another positive sign, said Frank Lesh, a broker and futures analyst with FuturePath Trading.

"We had a big sell-off and we've been looking for the market to find some support, and it appears as if it has," he said.

Gold prices are also seeing a boost from growing demand for physical gold in Asia. India's wedding season, the traditional time for gold gift-giving in the sub-continent, is well underway and gold traders in the region are reporting improved demand.

"Physical demand is expected to support both gold and silver prices in coming months, amid the seasonally strong period for consumption," said Suki Cooper, a precious metals analyst with Barclays Capital, in a note to clients.

Elsewhere, Citigroup raised its gold and silver forecasts for 2012 and 2013 yesterday. The bank expects both metals to recover from recent price drops as the macroeconomic and financial factors that fuelled the run-up over the past three years are seen continuing for the next 12 to 18 months.
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Citigroup expects gold prices to average at $US1950 a troy ounce over 2012, up from $US1650 previously, while silver will average $US32.90 a troy ounce, up from $US26 a troy ounce. By 2013, the bank sees the average price of gold slipping to $US1745 a troy ounce, up from a previous forecast of $US1500, while silver will ease to an average price of $US27 a troy ounce, up from $US22.40 seen earlier.
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