crude around Rs 1,700-1,900 per barrel with a target price of Rs 2,500-3,000 per barrel. Here is a verbatim transcript of the exclusive interview with Ram Pitre on CNBC-TV18. Also see the accompanying video. Q: Rs 2,120 is where crude is holding at this point of time, would you advice a buy at these levels? A: Yes, definitely but not at the current levels. But the fall from Rs 6,300 to almost Rs 1,750 and at the moment it is like a dead cat bounce. So every 100-points lower from Rs 1,900, Rs 1,800 and Rs 1,700 are the two three levels where you can accumulate oil with a target point of almost Rs 2,500-3,000. I personally feel that USD 30 per barrel on crude in international market is a good level to enter in. Q: Is gold a good investment at these levels? Rs 12,800-12,900 is where it is trading right now? We have also seen a high of Rs 14,000, so is a drop from here a good level to enter? A: From Rs 14,390, we did see Rs 11,620 levels also. But at the present level, from a long-term perspective, I see it trading between Rs 11,500-12,000 level. This is not a correct level, because now the correction has already started. I am looking lower to around USD 680 per ounce first, and then USD 638 per ounce. In the first half of 2009, the market is likely to come to a lower level. The correct level from an investment point of view is around USD 638-700 per ounce in the international market. But because of the rupee pressure, we may not see the low that we had seen at Rs 11,600 etc. Close to around Rs 12,000 is a good level to invest, but not at the current level. Q: How should one trade silver now? A: Don’t see silver touching Rs 20,600 per 10 gram for the next two or three months. The pressure on gold and silver will definitely be there, so I am looking at lower levels ahead. Q: What is your full-year range in case of gold prices? A: Three years back, the high end low of gold was around USD 200 per ounce. The year after it was around USD 250 per ounce and in 2008 it was almost USD 681-1,032 per ounce. This is the way volatility has increased. I feel around USD 638-938 per ounce, this USD 300 gap will remain for some more time. We will get a clear picture after June 2009 onwards. But at the moment, gold is likely to come on the lower side. Q: What kind of a range are you looking at for gold today and maybe next week? A: Next week, I don’t think USD 840-845 per ounce will hold. It is likely to test around USD 790 per ounce and on the lower side around USD 750 per ounce. At the moment, it is capped around USD 840-845 per ounce levels. After seeing last week’s movement, and the way the dollar index is giving a signal that it is breaking higher levels and there is a pressure on euro, I personally feel that gold will be under pressure.

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