UBS: The Gold Rush Continues
Normally content to play catch-up, the Bank turns more aggressive in price targets
Intro:
In December of 2024, UBS laid out their 2025 projections remaining conservative in price but unabashedly constructive in analysis1. The attached is an important note sent to clients yesterday raising those targets to $3,000.
(For their full 2025 projections we strongly suggest reading our breakdown of Go For Gold.)
In between December and today, (January 27th) they had also dropped a note alerting clietns they were watching things
We stated in our coverage of that note:
We suspect, as history informs us, this will lead to a price target increase, [by UBS] if/when today’s dive is undone.
Less than two weeks later, UBS delivers in the following note to clients…
Gold: The rush continues
