BOA's Michael Widmer has released a 12-month gold target of $2,000 (following JPM's $2,500 call by year end last week), and in the report UPGRADES GOLD TO AAAA.
"Physical gold is the ultimate collateral because it has no credit risk, so EM Central Banks have been diversifying their foreign exchange reserves into gold and other non-dollar, non-euro assets in recent quarters. Looking ahead, the deterioration in credit quality in Europe and the US coupled with an increased probability of QE3 means these pressures will continue. As a result, we revise our 12-month gold target to $2000/oz."
Widmer's full report can be seen below.