A Fitch report on gold sees a base case price of $1200 but stresses could push it to $1000, putting miners’ ratings under pressure. From Reuters:
The anticipated unwinding of US quantitative easing and expectations of improving but unspectacular economic growth leave little room for a rebound in gold prices over the next few years, while a further decline remains a real possibility, Fitch Ratings says.
That’s nicely summarized. You can add to it that gold was unable to sustainably rebound on an surprise ‘no taper’ decision and hasn’t flinched yet on the looming debt ceiling. It also declined in September, usually one of the best months for gold seasonals.