Tags: expert | gold | higher | prices

Experts: Gold Set to Move Higher, Despite Last Week’s Slump

Sunday, 14 Oct 2012 02:45 PM

By Dan Weil

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
Gold just finished its worst week since the beginning of June, dropping 1.5 percent. But the precious metal is poised to resume its recent ascent, experts say.

“Concerns about overall global economic health have kept gold in a pretty tight trading range, but this is typical just before some type of breakout, up or down,” Nathan Rowader, portfolio manager of the Forward Commodity Long/Short Strategy Fund, tells MarketWatch.

“Right now, the weight of the evidence points toward higher prices.”

Editor's Note: Get David Skarica's Gold Stock Adviser — Click Here Now!

Spot gold has traded between $1,683 and $1,741 so far this month. The December Comex contract closed Friday at $1,759.70.

Market participants are bullish on gold largely because of renewed central bank easing around the world, from the United States, to Europe, to China, to Brazil.

Going forward, “in 2013, the developed world is going to have to deal with its massive debt problems and policies that have spent the last few years devaluing local currencies,” Dawn Bennett, portfolio manager of the Bennett Group of Funds, tells MarketWatch.

“As this happens, gold will be one of few havens available to investors looking to protect their wealth.”

To be sure, not everyone is convinced of gold’s allure.

"We are starting to see some improvement in the U.S. economy, so the duration of quantitative easing may not be as long as what was initially anticipated," Phillip Streible, senior commodities broker at R.J. O'Brien, tells Reuters.

Editor's Note: Get David Skarica's Gold Stock Adviser — Click Here Now!

© 2014 Moneynews. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
You May Also Like

IRS Among US Agencies That Hired License Plate-Tracking Vendor

Friday, 18 Apr 2014 10:13 AM

The Internal Revenue Service and other U.S. agencies awarded about $415,000 in contracts to a license plate-tracking com . . .

Hedge Funds Suffer From Drop in Growth Stocks

Friday, 18 Apr 2014 10:07 AM

The fall of growth stocks, particularly in the technology sector, whacked some hedge funds but good early this month, ac . . .

Chocolate Egg Easter Surprise Is Sticker Shock After Cocoa Surge

Friday, 18 Apr 2014 09:51 AM

The world's growing love of chocolate means more expensive treats for the Easter holiday. . . .

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved