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Monday, September 20, 2010

Citigroup (NYSE:C) Right on $1,300 Gold?

Citigroup (NYSE:C) said last week if we hear the phrase "quantitative easing" used by the Federal Reserve this week, we'll probably see gold prices soar to record levels above $1,300.

Investors are strongly tuned into gold now, especially in light of the ongoing disaster with the European sovereign debt crisis and weak U.S. economy.

Ben Bernanke has already stated he's ready to intervene and resume quantitative easing if the economy goes south. And since it has, there are sure to be at minimum rumblings, and possibly guidance, as to what the central bank is planning.

It seems if there is any type of specifics mentioned in that regard, gold prices will probably soar past the $1,300 mark this week. We'll see if the Fed has the guts to say it at this time.

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