LBMA: Gold To Rise to $1,450, Silver to $24

The LBMA, London Bullion Market Association, says gold prices will likely to rise to $1,450 an ounce within one year. Ths is the average forecast of delegates polled at the end of their annual conference on Tuesday.The delegates have a very good batting rate at predicting prices.

Spot silver is estimated to reach $24.00 an ounce, platinum at $1,857 an ounce, and palladium at $702 an ounce in September 2011.

Notably, at the beginning of the conference the average forecast was $1,406 an ounce for gold.

• 64 percent of delegates say they expect the U.S. dollar to be weaker in a year
• 63 percent say U.S. inflation will rise in the same period.
• 63 percent say they expect to see a double-dip recession.