There’s nothing like a roaring gold price to bring out the forecasters! Investors are scuttling for a refuge from the slumping dollar and surging energy costs. And low and behold, Citibank, Gold Fields and leading US coin dealer Blanchard, to name a few, all see $1,200 gold on the horizon!

Ed Steer says: “Both silver and gold were quiet in the Far East yesterday, but there was a small sell-off in both metals starting with the London open. That only lasted for about three hours before the prices bottomed and then slowly ground higher almost into the close of after hours trading on the Globex in New York…finishing virtually on their highs of the day.”

Doug Casey says: ” The Peruvian situation is provoking a lot of worry, even though it has yet to cause major disruptions, as it appears to be worsening. Miners at Peru’s largest copper-zinc pit, Antamina, owned by BHP Billiton, are on strike, but a company official said its effect on production was minimal. “

Neither gold nor silver did much of anything in early Tuesday morning trading in the Far East.

Gold was slightly higher until the New York open, trading between $925 and $930, but took off from there, rising to a peak of $946 just after noon, then pulled back for the rest of the day, finishing at $939.70/oz., up $13.80. Overnight, gold has fallen off.