Citigroup (NYSE:C) said if continual concerns over the sovereign debt crisis with Greece and much of the European Union continues to weigh on investors, gold could reach as high as $1,500 an ounce by year's end.
Analyst Alan Heap said, “Certainly $1,500 an ounce is possible. Gold’s rallying despite dollar strength and it’s rallying because investors are once again concerned about sovereign risk.”
Even so, Citigroup is officially on record as saying gold will go to $1,250 an ounce.
Seems they're hedging both sides. Either way, if investor fears ease, the latter figure is expected, if they increase, we could see $1,500 and ounce, or possibly higher, depending on what happens over the next several months.
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