Hopes that the European Central Bank (ECB) will include gold on the list of assets to be purchased as part of a programme of full-blown quantitative easing (QE) will almost certainly be disappointed. There is a better chance, albeit still slim, that the Swiss National Bank (SNB) will be obliged to add to its holdings following a referendum on 30th November, which could provide a significant boost to prices. Either way, our end-2016 target is $1,400 per ounce, compared to today’s price of $1,180.
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