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Peter Spina, CEO at GoldSeek.com, reports that Deutsche Bank has lowered its gold price forecasts by as much as 22 percent.
The move follows a similar forecast cut from Goldman. According to Spina, the reduction reflects mounting investor concerns about the outlook for U.S. monetary policy and reduced investment demand for gold.
Spina recently reported that Hong Kong is importing large gold bars to support a new gold clearing system using London Good Delivery standards, according to GoldSeek.com. In an earlier update, he noted gold and silver prices reversed initial gains to drop sharply following an Iranian conflict earlier this year. These developments come as banks adjust their gold price outlooks.