UBS raises targets, sees $1,850 gold, $37 silver in 3 months ...

"Strong likelihood" of QE from Fed "sets the stage for the continuation of the precious metals rally"

UBS believes gold is poised to take a sharp turn higher amid growing expectations that the U.S. Federal Reserve is about to unleash a third round of quantitative easing.

Friday's ugly U.S. jobs report means there is now "a strong likelihood" of the Fed action after its monetary policy meeting wraps up on Thursday, UBS analysts said in a note, and this "sets the stage for the continuation of the precious metals rally."

UBS raised both its one-month and three-month gold forecasts to $1,850 (U.S.) an ounce. They were previously $1,700 and $1,750, respectively. That implies more than a $100 bounce from where gold is trading at today.

But it's not just gold UBS is bullish on. It thinks silver is going to shine too, and will actually outperform gold in the near term. It raised its one- and three-month silver forecasts to $37 (U.S.) an ounce. They previously were $32 and $35, respectively.

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Source: http://www.blanchardonline.com/investing-news-blog/econ.php?article=4832

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