Survey Participants Look for Higher Gold Prices Next Week

Source: Kitco, Debbie Carlson (9/21/12)

"The big move in gold prices this week after the bond-buying announcement by the ECB and hopes for more stimulus from the Fed next week has most participants in the weekly Kitco News Gold Survey suggesting values for the yellow metal could rise again."

Kitco, Debbie Carlson

Most participants in Kitco News’ weekly gold survey said they look for the precious metal to maintain its upward momentum next week on continued buying after recent monetary easing in the U.S. and elsewhere, as well as technical-chart strength.

Out of 34 participants, 21 responded this week. Of those, 15 see prices up, while four see prices down and two see prices sideways or unchanged. Market participants include bullion dealers, investment banks, futures traders and technical-chart analysts.

December gold has already risen smartly on the Comex division of the New York Mercantile Exchange since mid-August, rising from an Aug. 15 low of $1,592.10/oz to a high so far Friday of $1,790/oz.

Much of this was first on expectations of easing from the Federal Reserve, then further gains when policy-setters actually announced more accommodation. The European Central Bank and Bank of Japan are also undertaking bond-buying programs. . .View Full Article

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