BNP Paribas cut its 2014 gold forecast to $1095
think y'days 14.5% collapse in Indian exports would have been felt in the gold complex for sure as well.
indeed, it was a big cut. I only have a headline, but I did see they expect a March taper, so I guess they are simply moving in line with that idea. Would be interesting to see its call on the USD, while also what supply side response would be given $1200 is seen a marginal cost of production
Did they give a catalyst for the change and what was their previous forecast? I assume the timing of tapering has firmed in their eyes.
Bigger article in Bloomberg here, looks like sentiment is more widespread http://www.bloomberg.com/news/2013-11-10/hedge-funds-cut-bullish-gold-bets-on-fed-stimulus-outlook.html
Significant turn around for them since May 2013 when they forecasted gold to bounce back to $1600. http://www.marketwatch.com/story/bnp-paribas-sees-gold-above-1600-in-6-months-2013-05-10