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Gold Bulls Expand as Billionaire Paulson Buys Metal: Commodities
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Gold traders are the most bullish in six weeks as investors boosted their bullion holdings to a record on concern that economic growth is slowing and after billionaires John Paulson and George Soros bought more metal.
Fourteen of 26 analysts surveyed by Bloomberg expect prices to rise next week and six were bearish. A further six were neutral, making the proportion of bulls the highest since July 6. Paulson raised his stake in the SPDR Gold Trust, the biggest gold-backed exchange-traded product, by 26 percent in the second quarter and Soros more than doubled his holding, U.S. Securities and Exchange Commission filings showed Aug. 14. Global holdingsreached a record on Aug. 10, data compiled by Bloomberg show.
he euro-area contracted in the second quarter after the worsening debt crisis forced at least six nations into recessions, European Union data showed Aug. 14. Gold bar and coin purchases jumped 15 percent in Europe in the period, the World Gold Council said yesterday. U.S. growth cooled in the three months through June and China’s slowdown may extend into a seventh quarter after export growth collapsed in July and industrial production and lending missed economists’ forecasts.
“The monetary affairs of the world probably play the most important role for gold prices going forward,” said Thorsten Polleit, chief economist at Degussa Goldhandel GmbH, a precious metal trading and investment company in Frankfurt. “The slowing economy will boost calls for easier monetary policy. This is adding a further boost to gold.”
Read Full Story here: http://bloom.bg/PjoZtP
2012-08-17 15:36:42
Source: http://www.pmbg.net/2012/08/gold-bulls-expand-billionaire-paulson-buys-metal-commodities
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