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Survey Participants Look For Gold Prices To Ease Next Week

7/06/2012 @ 1:54PM 

The majority of the traders and analysts who took part in the weekly Kitco Gold survey look for the yellow metal to trade lower next week.
In the Kitco News Gold Survey, out of 34 participants, 20 responded this week. Of these, 11 participants see prices down, while 7 see prices up and 2 see prices sideways or unchanged. Market participants include bullion dealers, investment banks, futures traders and technical-chart analysts.
One of the most-cited reasons for more near-term weakness was expectations for continued gains in the U.S. dollar, although some also cited the technical-chart picture.
“Unless the Fed releases a magic bullet sooner than later, I would expect the US$ to remain well bid next week, which will be negative for the metals,” said Peter Hug, director of the precious metals division for Kitco.
Adam Hewison, president and chief strategist with INO and MarketClub.com, figures gold could be on the defensive with a number of other markets.
“We see no reason to be in this market one way or another while it is trading like Veg-o-Matic,” he said. “Cash in dollars is also a position.”
Those who look for gold to rise next week cite ideas that the market will continue to look for more stimulus from the world’s central banks, as well as continued current negative interest rates in key economies such as the U.S. One also notes gold soon may start picking up ahead of the seasonally strong period that tends to start in late summer and early autumn.

Kitco Gold Survey
By Allen Sykora of Kitco News; asykora@kitco.com

Message From Admin,
Starting this week, I will try to post the price on each Friday to compare the price on the previous Friday. Then we can see whether the survey is correct or not...



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