Gold

Gold: Gold has proven to be a major disappointment over the last month though its short- to medium-term bullish view remains intact, and risk is skewed to the downside, SEB says; while QE3 reduces the downside risk for gold prices next year, current conditions appear unable to decisively return gold to its bullish long-term trend. The house maintains its 4Q and 1Q13 gold price outlook at $1,800/oz, but raises its 2H13 forecast by 3% to $1,700/oz. Before any additional catalyst comes into play, gold will also be very sensitive to risk aversion. Spot gold is at $1,710.43/oz, up $1.73 from its previous close.