Home Wealth  Money Goldman Sachs Updates Commodities Outlook

Goldman Sachs Updates Commodities Outlook

Posted: Nov. 15th, 2011  |  By Forbes

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Goldman Sachs updated its forecasts on a variety of commodities prices today, as uncertainty continues to swirl around Europe.

Despite new leadership for the troubled economies of both Italy and Greece, the debt situation in the Eurozone far from resolved.

Among other commodities forecasts, Goldman Sachs (nyse: GS - news - people ) said it now expects gold to rise to $1,930 per ounce within 12 months, compared to a prior forecast of $1,860 per ounce.

Silver is expected to cost $32.20 per ounce a year from now, an increase from Goldman's prior forecast of $31.10.

Gold today is trading down to around $1,778 an ounce, leading the iShares Gold Trust to trade down about .6%, while the SPDR Gold Shares trades down about .6% as well.

The iShares Silver Trust is trading down over 1.3% Monday, while the ETFS Physical Silver Shares trades down over 1.4%.

The Gold Miners ETF () is trading down about 1%.

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