why further qe is unlikely, page-50

Hi there Adrian,

I would be pleasantly surprised if gold went to $1920. I very much hope that it does! (Note my disclosure.)

I don't think that it will go up for the reason sited in the survey. In fact I think that if those considerations remain dominant in the market, the price of gold will continue to fall. I view gold as a "risky" asset and I expect risky asset to rally further during the year.

That said, I have some concerns about the price of gold between now and September. I am aware of some large unhedged gold movements out of Europe-America into Asia. The principals are looking at hedging strategies and that may keep thing weak until they deliver.

Good luck