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Société Générale analysts are quite bearish on gold. Their $1375-per-ounce price target for the end of 2013 puts them well below most of the Street.
Today, the SocGen team, led by Patrick Legland and Michael Haigh, released a new report titled "The End of the Gold Era."
A $1375 price target implies a 13 percent decline from today's levels by the end of the year, but the analysts also examine a "bear case" for the shiny yellow metal that is even worse than their already-bearish call.
It hinges on a "perfect positive macro storm."
Below are their thoughts on such a "bear case" would play out:read more ...