Gold News

Euro stabilization could be 'friendly' to Gold Prices

A leading commodities expert has revealed that the stabilization of the euro could result in a rise in Gold Prices.

Mike Paulenoff, a market analyst with several decades experience, believes that the price of gold could increase if European currency issues calm.

He also suggests that the positive correlation of several alternative commodities was a rarity.

Mr Paulenoff said: "Maybe for the next week to ten days the euro, if the technicals are right, should stabilize and actually be friendly to gold and oil.

"It's very strange but unique to see gold, oil, and the dollar going up at the same time."

With regards to the long-term profitability to the various commodities markets, Tobias Merath, an analyst at Credit Suisse, believes a number of investors sstand to make money.

He told Reuters: "A lot of financial market participants are long, so there's still profit to be taken."

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