Morgan Stanley Slashes Gold & Silver Target Expectations (GLD, SLV, MS)

The firm downgraded price targets of copper, nickel, zinc, and alumina as well as part of the broader macro-market call in metals.  As far as the gold target, Morgan Stanley cut the 2012 target by about 16% to $1,845 per ounce.  On silver, the call was down almost 30% to $35.50 per ounce.

Neither are hurting any market gains, but it was interesting to see that the cut in silver was the highest, followed by gold.  The other cuts in the other metals seen in the call were to the tune of about 3 percentage points to about 13 percentage points. These markets are reacting to currencies and economic data more than economist and price target calls.  Still, these were worth a closer look.

JON C. OGG