Tags: Commodity | prices | continue | surge | survey | forecasters | oil

Forecast: Oil, Gold, Palladium to Jump 17 Percent

By    |   Thursday, 07 Jan 2010 08:46 AM

Commodity prices will continue their upward surge this year, according to a Bloomberg survey of top forecasters.

Global economic recovery will fuel the gains, they say.

So commodities will build on their increases of 2009, the best year for the Reuters/Jefferies CRB Index since 1979.

“Demand is growing on a global basis,” Peter Sorrentino, a money manager at Huntington Asset Advisors, told Bloomberg.

“Commodities are a great place to be to gain exposure to the growth that’s coming out of emerging markets.”

China in particular will fuel the advance, experts say.

They believe oil, corn, gold and palladium will rise up to 17 percent this year.

Goldman Sachs sees the S&P GSCI Enhanced Total Return Index appreciating 17.5 percent.

And it’s not just emerging markets that will boost commodities, experts say.

“The U.S. recovery will add clout to commodity demand,” Uday Narang, managing partner at Chichester Capital Management, told Bloomberg.

“The worst in the U.S. is over.”

However, not every commodity is expected to soar.

“(Last year) was special because the rising tide lifted everything,” David Sutcliffe, a partner at Ebullio Capital Management, told Bloomberg.

“Now we’ll enter an environment that separates the wheat from the chaff.”

Gold, which received the most attention from individual investors last year, is poised to rise again, experts say.

"Next year, we will see new highs in gold without any doubt," Philip Klapwijk, chairman of metals consulting firm GFMS, told The Wall Street Journal.

© 2017 Newsmax. All rights reserved.

 
1Like our page
2Share
StreetTalk
Commodity prices will continue their upward surge this year, according to a Bloomberg survey of top forecasters. Global economic recovery will fuel the gains, they say. So commodities will build on their increases of 2009, the best year for the Reuters/Jefferies CRB...
Commodity,prices,continue,surge,survey,forecasters,oil,corn,gold,palladium
240
2010-46-07
Thursday, 07 Jan 2010 08:46 AM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved