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Sunday, November 13, 2011 8:26:35 PM
Gold traders most bullish since 2004 on debt crisis
* Saturday, November 12, 2011
LONDON: Gold traders and analysts are the most bullish in at least seven years as investors accumulate metal at the fastest pace since August to protect their wealth from a widening European debt crisis. Twenty-one of 22 surveyed by Bloomberg expect bullion to rise on the Comex in New York next week, the third consecutive increase and the highest proportion in data going back to April 2004.
Holdings in exchange-traded products backed by gold rose 27.5 tonne this week, within 1% of the record set almost three months ago, data compiled by Bloomberg show. Gold exceeded $1,800 an ounce for the first time in seven weeks on November 8 and hedge funds are holding their biggest bet on higher prices since mid-September , Commodity Futures Trading Commission data show. The metal is rebounding after tumbling as much as 20% in three weeks in September. Almost $9 trillion was wiped off the value of global equities since May and yields on Italian and Greek bonds rose to euro-era records this week. "Throughout history gold has protected people from the sort of turmoil that we're seeing," said Mark O'Byrne , the Dublin-based executive director of GoldCore, a brokerage that sells everything from quarter-ounce British Sovereigns to 400-ounce bars.
http://articles.economictimes.indiatimes.com/2011-11-12/news/30391300_1_gold-traders-gold-survey-history-gold
George.
* Saturday, November 12, 2011
LONDON: Gold traders and analysts are the most bullish in at least seven years as investors accumulate metal at the fastest pace since August to protect their wealth from a widening European debt crisis. Twenty-one of 22 surveyed by Bloomberg expect bullion to rise on the Comex in New York next week, the third consecutive increase and the highest proportion in data going back to April 2004.
Holdings in exchange-traded products backed by gold rose 27.5 tonne this week, within 1% of the record set almost three months ago, data compiled by Bloomberg show. Gold exceeded $1,800 an ounce for the first time in seven weeks on November 8 and hedge funds are holding their biggest bet on higher prices since mid-September , Commodity Futures Trading Commission data show. The metal is rebounding after tumbling as much as 20% in three weeks in September. Almost $9 trillion was wiped off the value of global equities since May and yields on Italian and Greek bonds rose to euro-era records this week. "Throughout history gold has protected people from the sort of turmoil that we're seeing," said Mark O'Byrne , the Dublin-based executive director of GoldCore, a brokerage that sells everything from quarter-ounce British Sovereigns to 400-ounce bars.
http://articles.economictimes.indiatimes.com/2011-11-12/news/30391300_1_gold-traders-gold-survey-history-gold
George.
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