Tags: Cordier | gold | soar

Liberty Trading's Cordier: Gold May Soar 20 Percent by July

By    |   Thursday, 29 Dec 2011 07:48 AM

The recent selloff in gold and other commodities is overdone, says James Cordier, founder of Liberty Trading Group.

Strong economic growth in China – GDP expanded 9.1 percent there in the third quarter – will boost commodities, he tells Yahoo. “The [growing] middle class in China will have a taste for commodities.”

Gold has dropped 17 percent from the record $1,900 per ounce level that it broke in August.
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And it plunged $90 in a day earlier this month – a “whim” Cordier called that move. "January will be a great time to get long precious metals," he says.

gold200APuseme.jpg
(Associated Press photo)
The dollar’s strength, which has kept a lid on gold and other commodity prices, will end next year amid strong economic growth overseas, particularly in emerging markets, Cordier says.

“We think the crescendo of the dollar is coming within days or weeks,” he says. And that’s good news for commodities, which are priced in dollars.

“You will see investors pile back into commodities. You should see 15 to 20 percent gains in the first half of 2012,” Cordier says

Not everyone is bullish on gold. “The current gold price doesn’t reflect the underlying supply and demand fundamentals,” Rob Henderson, chief economist at National Australia Bank, tells Bloomberg.

“It much more reflects an artificial demand for gold as a hedge and as a store of value against inflation. That means the market is prone to a pretty substantial correction sometime in the future.”

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The recent selloff in gold and other commodities is overdone, says James Cordier, founder of Liberty Trading Group. Strong economic growth in China GDP expanded 9.1 percent there in the third quarter will boost commodities, he tells Yahoo. The [growing] middle class...
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Thursday, 29 Dec 2011 07:48 AM
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