CPM Group projected its 2012 average gold price at $1,639 an ounce

CPM Group projected its 2012 average gold price at $1,639 an ounce. That’s down from the all-time nominal high of $1,920, but above 2011’s average price of $1,572.

For silver, CPM Group is forecasting the metal’s average price at $30 an ounce for 2012, down from the 2011 record of $49 and the average price of $35.29 for last year.

CPM Group analysts said they do not expect prices to return to levels since before 2008, with gold remaining “above $1,400, maybe $1,300, over the next few years. Silver may drop down toward $20 between now and 2014.”