Gold News

Most experts would Buy Gold, says new survey

A new survey has revealed that the majority of financial industry figures are in favor of Buying Gold, Bloomberg reports today (July 3rd).

The news provider sought the views of 31 traders, investors and analysts and found that 18 (or 58 percent) of those questioned believe that Gold Prices are set to rise.

Tom Pawlicki, an analyst at MF Global Inc in Chicago, explained that he expects the yellow metal to benefit in the coming months from ongoing concerns in the dollar, which tends to trade in the opposite direction to gold.

"I've noticed in the past that hedge funds make investment allocations early in new quarters. Given expected dollar weakness, it could create buying of gold," he told Bloomberg.

Those comments come after a group of analysts at Full Circle Asset Management claimed last week that gold could make huge gains if it can hold above $1,000 per ounce.

The yellow metal threatened to break through the psychological four-figure barrier recently - as it did in February - but the analysts claimed that $2,000 per ounce could be a more realistic target if it can overcome resistance.

"Such failures, when overcome, generally lead to very big moves; historically, the longer the resistance resists, once exceeded the bigger is the move that takes place," they wrote in the Threesixty newsletter.

"In common with others, we have long thought that $2,000 per ounce was a reasonable expectation - although some say much higher."

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