Mineweb 2011 Gold Price Forecasting CompetitionMineweb 2011 Gold Price Forecasting Competition
Mineweb readers are once again invited to submit their forecasts for the 2011 high, low, year-end and average gold price with the results based on LBMA figures for these over the year ahead. Lawrence Williams
Sunday , 02 Jan 2011
If you find yourself with a little spare thought time over the next few days, why not test your skill as a forecaster and send in an entry for this year's Mineweb Gold Price Competition where readers estimate how the yellow metal will perform through the year. Readers have a good record in this - we usually compare the results with those of the professional ‘experts' who subscribe to a similar exercise organised by the London Bullion Market Association, and frequently the averages of the figures suggested by Mineweb readers beat those of the experts. We are currently assessing last year's competition entries and will publish the results next week when most people are back at work after what seems to be a longer and longer holiday break each year.
This year's gold price competition, will operate similarly to previous ones with entrants attempting to predict the gold price under the following categories: Gold Price High; Gold Price Low; Year-end Gold Price; and Average 2011 Gold Price. As before there are no prizes apart from the winners' pride in being a better crystal ball gazer than his/her peers in the various sections and in the overall competition where the most consistent forecaster across all the categories is given the title of the Mineweb Gold Guru of the Year. This year's competition closing date will be January 23rd and the overall figures published on the site at the end of the month.
Please send your entries in to editor@mineweb.com and title the email Mineweb Gold Price Competition Entry and add the name under which you would like the entry to be recorded (pseudonyms welcome). As before we will be using London Bullion Market Association (LBMA) gold fixings as our pricing yardstick.
We will publish all the estimates at the competition closing date (to be announced - probably late January)
We invite all our readers to participate in the competition. On average Mineweb readers do pretty well, although tend usually to be slightly on the bullish side. In 2010 the average year-end price prediction was, for example, $1433 - within 1.6% of the final LBMA close (on which we base our calculations), but even closer to the final spot price in the U.S. where a late rally took gold to $1421 (only 0.8% off the Mineweb reader average). Not a bad result over virtually a full year.
We already have had a few entries submitted and so far the averages for each category are as follows: High - $1702, Low- $1220, Year-end - $1559, Average - $1463 - a pretty conservative set of estimates so far, but one suspects this could change dramatically as entries continue to come in.
For your entries, you may cut and paste the form below as a guide (Note - the full tabulation will be published after the competition closing date, but not the email addresses supplied):
NOTE: WHOLE NUMBERS ONLY PLEASE. DECIMAL ESTIMATES WILL BE ROUNDED TO THE NEAREST WHOLE NUMBER (.50 WILL BE ROUNDED UPWARDS)
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MINEWEB 2011 GOLD PRICE COMPETITION
Entrant name or nickname:
Gold Price High: ..
Gold Price Low:...
Year End Gold price: ..
2011 Average Gold Price: ..
Email address: ..
Comments: ...
Readers may alter their entries right up until the closing date of January 23rd should events over this period cause them to change their views.
https://www.mineweb.co.za/mineweb/view/mineweb/en/page33?oid=117720&sn=Detail&pid=102055
Dan 