Survey shows bullish sentiment towards Buying Gold

A new survey of prominent gold industry figures has suggested that the majority are still bullish about the yellow metal's future prospects, Bloomberg reports today (March 2nd).

Gold Prices suffered their largest weekly reverse since December last week as some investors looked to cash in profits made over the past few months.

However, the news provider surveyed 31 traders, investors and analysts in locations from Tokyo to Chicago on February 26th and 27th and found that 20 advised Buying Gold.

Of the remaining members of the poll - which has forecast prices accurately in 149 of 259 weeks (or 59 percent of the time) - four were neutral and just seven were bearish.

The latest US economic data, which showed that the country's economy shrank by 6.2 percent during the fourth quarter of 2008, have also been viewed as positive for anyone with a gold investment.

For instance, Matthew Turner, an analyst at VM Group, explained last week that the dollar - which tends to move in the opposite direction to gold - will decline in the coming months.

"The weakening dollar will be based on fears of even more money being pumped into the economy, which is positive for gold," he told Reuters.

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