Back

Latest Forum Topics / Others

Post Reply

Street Tracks Gold Post Reply Rate topic
lg_6273 Elite	21-Jan-2007 16:00        lg_6273 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Experts: Gold Will Reach $750 in 2007 Marie Albin, Financial News Editor Wednesday, Jan. 17, 2007 According to a poll by the London Bullion Market Association, 15 out of 29 of the world's leading precious metals experts believe gold will reach $750 an ounce this year. And they're putting their money where their mouth is. The poll is part of the LBMA's annual forecasting contest where the prize for the closest correct forecast is a gold bar. Last year's winner, Ross Norman, director of TheBullionDesk.com, predicts gold will hit a high of $850 an ounce in the coming year with an average price of $716. If gold reaches $850 an ounce, it would match the all-time high reached in 1981. Norman forecast that gold would average $618 an ounce last year, coming within $15 of gold's average of $603. Norman was the sole analyst to predict that gold would trade above $600 last year. "We remain manifestly bullish for gold but this is the year that is going to separate the men from the boys because the old factors of supply-demand we all used to look at are no longer the real drivers," Norman tells the Telegraph's Ambrose Evans-Pritchard. Story Continues Below "There's a tsunami of cash hitting the market and we're moving to a new realm of crowd psychology. What matters now is what the hedge funds are doing, or the pension funds, who are adding all the time. The central banks of countries like Russia, China and Vietnam, are looking for alternatives to the dollar and are gradually buying gold," Norman added. One other analyst predicts a high of $850 for gold. Jeffrey Christian, from New York's CPM Group, believes gold can once again meet its all-time high, telling Pritchard, "Mine production is not increasing as rapidly as had been expected, due to bottlenecks in starting new mines and expansions. Central banks have sold much of the gold they wish to sell." On the flip side is Stephen Briggs, precious metals strategist at Societe General. Briggs forecast the lowest high and the lowest low of the group, predicting that gold will trade between $500 and $675 an ounce this year based on his view that the dollar will rally. "Our house view is that the long U.S. dollar bear market will end in 2007; and we believe that the latter stages of the commodities bull market constituted a bubble, which is in the process of deflating," says Briggs. The 29 experts say gold will trade at an average price of $652 an ounce this year with average highs reaching $742 an ounce and average lows at $566 an ounce. That means gold's upside potential is an increase of 18 percent, while its downside risk is a 9.9 percent decline. © NewsMax 2007. All rights reserved.
Useful To Me  Not Useful To Me
lg_6273 Elite	15-Jan-2007 09:22        lg_6273 About Contact  Quote this Post!
x 0   x 0  Alert Admin	Gold May Rise for 2nd Week as Investors Seek Dollar Alternative By Choy Leng Yeong Jan. 15 (Bloomberg) -- Gold may rise for a second week on speculation that Russia and oil-producing nations in the Middle East will shift reserves away from the dollar, boosting the appeal of the precious metal as an alternative. Twenty-two of the 31 traders, investors and analysts surveyed by Bloomberg News from Sydney to Chicago on Jan. 11 and Jan. 12 advised buying gold, which rose 3.3 percent last week to $626.90 an ounce in New York. Four respondents said to sell, and five were neutral. The central bank of Russia increased gold holdings by 2.2 percent to 394.1 metric tons in the third quarter. The share of currency deposits held in dollars by OPEC member-nations including Saudi Arabia fell to a two-year low of 65 percent in the second quarter. The dollar dropped 5 percent against an index of six major currencies in the past year. ``You've got a lot of creditor nations that are looking to diversify their credit balance,'' said Michael Cuggino, chief executive officer of San Francisco-based Pacific Heights Asset Management LLC, which has about 20 percent of its $770 million Permanent Portfolio Fund invested in gold. ``They are starting to diversify into gold instead of just the U.S. dollar and other major currencies.'' Gold futures on the Comex division of the New York Mercantile Exchange rose $20 an ounce last week. The gain surprised the majority of analysts, who predicted a decline when surveyed on Jan. 3 and Jan. 4. Respondents have forecast prices accurately in 85 of 142 weeks, or 60 percent of the time. `Healthy Blip' Gold's 4.9 percent drop during the first week of 2007 was ``a healthy blip on the bull train for gold,'' said John Licata, chief investment strategist of Blue Phoenix Inc. in New York. ``I continue to see weakness in store for the U.S. dollar and I maintain my $800 target on gold for 2007.'' The precious metal may get a boost as the U.S. economy slows, eroding the value of the dollar. Growth in the U.S. economy slackened to 2 percent in the third quarter from 2.6 percent in the second quarter. Industrial production probably grew 0.1 percent last month, compared with a 0.2 percent gain in November, according to economists surveyed by Bloomberg News. The Federal Reserve is scheduled to release its report on industrial output on Jan. 17. The Commerce Department is likely to say the following day that housing starts rose at an annual rate of 1.565 million last month, down from 1.588 million in November, economists said in a separate Bloomberg survey. Central Bank Buyers A group of European central banks last year sold 395.8 tons of gold, below the 500-ton limit permitted under a special accord, the London-based World Gold Council said. Belarus, Ukraine, Greece and South Africa are among countries that increased gold reserves last year, the council said. Gold, sold in dollars, rallied 2.1 percent on Jan. 12, as the dollar fell from a seven-week high against the euro. The metal usually moves in the opposite direction of the currency. Members of the Organization of Petroleum Exporting Countries, including United Arab Emirates, Iran, Venezuela and Indonesia, are looking to shift some of their reserves away from the dollar or to sell the commodity and buy euros, rather than the U.S. currency. The U.A.E. will switch 8 percent of its foreign-exchange reserves from dollars into euros before September, U.A.E. Central Bank Governor Sultan Bin Nasser al-Suwaidi said during a Dec. 24 interview in Abu Dhabi. ``More and more investors are moving out of the dollar, including me,'' Jim Rogers, chairman of Beeland Interests Inc. and author of ``Hot Commodities,'' said in Oslo on Jan. 11. ``This is a historic shift.'' Kazakhstan, Fed Kazakhstan, the second-biggest oil producer among former Soviet countries after Russia, said its central bank bought more gold to boost its reserve holdings of the metal by $48.3 million to $1.37 billion. Gold also may get a boost from speculation the Federal Reserve will reduce interest rates this year as the European Central Bank raises its benchmark, weighing down the dollar. The Fed has left borrowing costs unchanged at 5.25 percent since August, after two years of rate increases. It will cut its overnight lending rate between banks by the end of the year to 4.75 percent, according to 16 of the 22 so-called primary dealers, including Citigroup Inc. and Deutsche Bank AG, that trade directly with the Fed. The European Central Bank kept its benchmark interest rate at 3.5 percent last week after six increases over the past 13 months. Euribor interest rate futures indicate investors bet rates may rise to 4 percent this year. ``Interest-rate differentials are going to keep the dollar under pressure,'' said Patrick Chidley, an analyst at Barnard Jacobs Mellet (USA) LLC in Stamford, Connecticut. ``Gold remains well supported and is more likely to move back up from these levels.'' To contact the reporter on this story: Choy Leng Yeong in Seattle at clyeong@bloomberg.net . Last Updated: January 14, 2007 12:49 EST
Useful To Me  Not Useful To Me
chipchip66 Master	11-Jan-2007 20:44        chipchip66 About Contact  Quote this Post! Style: Flexible   Mood:
x 0   x 0  Alert Admin	24 hour, live gold price (NY time) source www.thebulliondesk.com
Useful To Me  Not Useful To Me
chipchip66 Master	11-Jan-2007 20:42        chipchip66 About Contact  Quote this Post! Style: Flexible   Mood:
x 0   x 0  Alert Admin	Initial Price Offer (US$623.50 as at 31st August 2006) Gold Spot Price   US$ gold/oz bid: $ 612.30 offer: $ 612.80 mid: $ 612.55
Useful To Me  Not Useful To Me
chipchip66 Master	11-Jan-2007 20:32        chipchip66 About Contact  Quote this Post! Style: Flexible   Mood:
x 0   x 0  Alert Admin	Hi Guys, we should be able to trade in this ETF using our CPF soon. Does anybody know when? M interested to diversify my portfolio.
Useful To Me  Not Useful To Me

                                                         First   1-5 of 5   Last