For the second week in a row, opinions are split on the direction for gold prices for the coming week, with no majority view surfacing.
In the Kitco News Gold Survey, out of 33 participants, 26 responded this week. Of those 26 participants, 12 see prices up, while four see prices down, and 10 see prices moving sideways. Market participants include bullion dealers, investment banks, futures traders, money managers and technical-chart analysts.
Many of those who see higher prices point to the underlying support for the metal. “The market is realizing that monetary ease will continue in most countries, including the U.S., and this is positive for gold,” said Adrian Day, president of Adrian Day Asset Management.
A few others also pointed to gold holding support at the bottom of its recent range, which comes in around $1,650. They suggested after testing the lows, gold could drift up to test $1,700, but none expected the market to break through that level.
Those who see prices moving sideways or are neutral said there’s little to push the market out of its trading range. Rich DeFalco, principal, 76 Capital Partners, said in the near-term he’s neutral on prices.
“A dramatic increase in the price of the precious metal has been postponed but not abandoned. Demand for safe havens is not quite there, and inflation isn't a great danger. (The) job report was uneventful today and comes with conflicting signs of an overall recovery. There has been strength in the housing market, but the debate over government spending continues,” he said.
The few survey participants who see weaker prices said the inability to break through $1,700 is setting up gold to make a run at support.
“Continued technical weakness and low inflation continue to wear on the market. The market needs a good selling climax before we can even think about going higher,” said Sterling Smith, futures specialist, commodity research, Citibank Institutional Client Group.
Allen Sykora contributed to this survey.
By Debbie Carlson of Kitco News dcarlson@kitco.com
Popular Posts
Kitco News - Gold Survey: Majority Of Participants See Higher Gold Prices Next Week
Gold Survey: Majority Of Participants See Higher Gold Prices Next Week Friday April 26, 2013 12:08 PM Following this week’s surge in gold prices, the majority of analysts in the weekly Kitco News Gold Survey expect prices to continue to rise. In the Kitco News Gold Survey, out of 35 participants, 24 responded this week. Of those 24 participants, 14 see prices up, while eight see prices down, and two see prices moving sideways or are neutral. Market participants include bullion dealers, investment banks, futures traders, money managers and technical-chart analysts. Many of the participants were encouraged by the unprecedented demand in the physical gold market and the influence that’s had on lifting benchmark futures prices. Because of the $100-plus an ounce rebound from last week’s lows, they see values marching higher. “(I expect the) continuation of (a) recovery rally after (an) extreme and abnormal sell-off. The reaction of the physical market to the sell-off suggests that, far fro...
1 Mei 2013 - Selamat Hari Pekerja - Yay!!..Promosi Emas dan Perak Lagii...
Assalamualaikum dan Salam 1 Malaysia.. Hari ini adalah Awal Bulan Mei 2013. 1 Mei 2013 - Selamat Hari Pekerja YA...Sempena Hari Pekerja, Public Gold melancarkan PROMOSI BULAN PEKERJA (01/5/2013 sehingga 31/5/2013) Jika ada yang berhajat ingin mulakan simpanan emas, bolehlah menyertai rangkaian InvestEmasPerak. Untuk makluman anda pembaca sekalian, jumlah belian perak RM15,000++ dan belian emas ini RM20,000++ ini juga boleh dibayar secara ANSURAN selama 4 bulan. DAN yang paling pasti ANDA BELI EMAS, ANDA DAPAT EMAS Peluang hanya datang sekali.. Harga sekarang pun bersamaan dengan harga emas tahun 2011. Bermakna anda beli hari ini dan dapat harga murah sama seperti membeli pada tahun 2011!! Jika berminat boleh hubungi saya lagi untuk bantuan dan penerangan simpanan emas pertama anda.. untuk update harga terkini: http://www.publicgold.com.my/referral/PG019652/195491 salam pelaburan emas dan perak dari saya.. admin, NOR NINA NATASHA BINTI NOR AZIZAN Autorised Public ...
The Star Online - Prospects good as gold
PUBLIC Gold Group has plans to expand its gold product business to Brunei, Indonesia, and Vietnam . Its executive chairman Datuk Louis Ng said the group identified Indonesia and Brunei for its new sales and marketing offices to be established, adding that gold seminars were being conducted in the two countries. “We are now discussing with banks in Vietnam on jointly launching Public Gold products in the country. “We hope to reach an agreement with the banks to market our gold products through them rather than a sales and marketing office due to the country’s tight laws on gold trading,” he said. Ng, who was speaking to reporters after the recent soft opening of Public Safe Management Sdn Bhd, a subsidiary of Public Gold, in Relau, Penang, said the sales and marketing office in Singapore would be ready in three to four months. On the price of gold, he said it was expected to rise to around US$1,800 (RM5,615) per ounce from the current (yesterday) US$1,662 by the end of the year. “...
Comments
Post a Comment