30 března 2009

30/3 Gold update

Considering the weakening global stock markets this morning, gold ought to qualify for a strong start into the new week. After all, troubled equity prices have been a popular reason for higher gold prices the past few weeks. Yet, obviously, this isn’t enough to stimulate sufficient buyers in Asia and Europe today. It may have something to do with gold’s weak session on Friday, or the generally subdued mood among the gold-bug community.
Just a month ago, optimistic reports came thick and fast, targeting prices from $1500 up to $2500. But instead the metal trades around $950, not even able to overcome last year’s all-time-high. Now some of those analysts are more circumspect, or perhaps more realistic. Medium-term targets recently being passed around are much more conservative, about $1250 per ounce. A surprisingly subdued tone was also in vogue at the City wire’s Fund Selectors Forum in Zurich last week.
During the conference fund managers were asked about their three year view for gold. Only 35 percent imagined that the metal would then be above $1000; 48 percent couldn’t foresee it. In other words, few expect the crisis will last as long, thus it is not necessary to hold gold over
the period. Most recent investment is probably a temporary hedge.

0 komentářů: