Tokyo, Japan -- (SBWIRE) -- 01/24/2013 -- Oshiro Capital Ltd, based in Tokyo, Japan, has published new forecasts on various commodities such as gold, silver and oil in 2013.
"I feel that gold is trading at a very undervalued level at this point in time", said Mr. Jonathan Peeters, Head of Corporate Trading. "Gold has been the only commodity that has been increasing for 12 consecutive years. We have seen the US raising their debt ceiling with over 2 trillion dollars in the last couple of years, and this trend will continue while Obama is in power and Ben Bernanke is heading the Federal Reserve. Also, we have seen a massive increase in demand over the last few years from Asian countries such as China and India. China's foreign currency reserves are over 3 trillion dollars, and they've been using gold as a hedge to protect themselves against US currency depreciation. I also feel that the economic problems that the Eurozone is facing at the moment are not going to go away anytime soon. We are forecasting a low of around $1,650, an average of about $1,850 and a high that will most likely break the previous record of $1,920 through 2013.
Oshiro Capital's forecast is slightly higher than Morgan Stanley, who sees gold averaging $1,773 in 2013, but lower than Deutsche Bank, who gives a $2,000 forecast for the first half of this year.
About Oshiro Capital, Ltd
Oshiro Capital, Ltd (oshirocapital.com) has been founded in 2001, initially as a commodity research group, providing reports and analysis for financial institutions and banks only. Since then, Oshiro Capital has created a range of services for private and institutional clients, and offers quality trading advice on various commodities, such as precious metals, crude oil, agricultural commodities and others. Oshiro Capital’s client base is located in Europe, Asia Pacific region and some parts of the Middle East.