{"id":1159097,"date":"2020-01-09T16:58:16","date_gmt":"2020-01-09T22:58:16","guid":{"rendered":"https:\/\/www.mining.com\/?p=1010873"},"modified":"2020-01-09T16:58:16","modified_gmt":"2020-01-09T22:58:16","slug":"gold-price-rally-surprised-even-worlds-top-30-analysts","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1159097","title":{"rendered":"Gold price rally surprised even world\u2019s top 30 analysts"},"content":{"rendered":"<p>Gold was retreating further from near seven-year highs reached on Tuesday, but even gold bugs probably aren\u2019t complaining (not too much anyway) about a price in the mid-$1,500s and the highest since March 2013.<\/p>\n<div class='d-flex justify-content-center d-xs-block d-sm-block d-md-none'>\n<div id='div-gpt-ad-1561499308230-0'><script>googletag.cmd.push(function() {googletag.display('div-gpt-ad-1561499308230-0');});<\/script><\/div>\n<\/div>\n<p>The extent of gold\u2019s rally caught most market watchers by surprise. Hedge funds speculating in futures were net short as recently as April and even ardent bulls\u2019 predictions fell well short.&nbsp;<\/p>\n<p>The 2019 entries for the London Bullion Market Association long running forecasting competition show how bearish the consensus view was at the beginning of the year.<\/p>\n<p>The 30 investment and institutional analysts in the competition predicted gold would average $1,311 during the course of the year and even the most bullish \u2013 Rene Hochreiter of Noah Capital Markets\/Sieberana Research in Johannesburg and Rhona O\u2019Connell of INTL FCStone based in London \u2013 fell short of the actual average in 2019 of $1,392.60.<\/p>\n<p>It was Hochreiter\u2019s seventh winning prize which equals that of Ross Norman, CEO of Sharps Pixley, London\u2019s largest bullion broker.&nbsp; Norman  came closest to predicting the average price of palladium over 2019 ($1,537).<\/p>\n<p>Another former winner,&nbsp; Bernard Dahdah of French investment bank Natixis, were spot on with silver ($16.20) and shared the platinum prize with a prediction just $8 shy of the annual average of $863.&nbsp;<\/p>\n<p>First place winners receive a 1 ounce gold bar, which today is worth much more than they hoped for a year ago. Predictions for 2020 will be published at the end of the month.<\/p>\n<figure class=\"wp-block-image\"><a href=\"https:\/\/www.mining.com\/wp-content\/uploads\/2020\/01\/lbma-winners-2019-gold-forecast-.jpeg\"><img decoding=\"async\" src=\"https:\/\/www.mining.com\/wp-content\/uploads\/2020\/01\/lbma-winners-2019-gold-forecast--1024x738.jpeg\" alt=\"\" class=\"wp-image-1010874\" srcset=\"https:\/\/www.mining.com\/wp-content\/uploads\/2020\/01\/lbma-winners-2019-gold-forecast--1024x738.jpeg 1024w, https:\/\/www.mining.com\/wp-content\/uploads\/2020\/01\/lbma-winners-2019-gold-forecast--300x216.jpeg 300w, https:\/\/www.mining.com\/wp-content\/uploads\/2020\/01\/lbma-winners-2019-gold-forecast--768x553.jpeg 768w, https:\/\/www.mining.com\/wp-content\/uploads\/2020\/01\/lbma-winners-2019-gold-forecast-.jpeg 1094w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><figcaption>Click on table for full-size.<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Even the most bullish forecasts fell well short of gold&#8217;s stellar performance in 2019.<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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