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Economy
In reply to the discussion: STOCK MARKET WATCH -- Friday, 5 July 2013 [View all]xchrom
(108,903 posts)27. Gold Bulls Dominant as Portugal Stokes Debt Concern: Commodities
http://www.bloomberg.com/news/2013-07-04/gold-bulls-dominant-as-portugal-stokes-debt-concern-commodities.html
Gold traders are the most bullish in a month after political instability in Portugal raised concern that Europes debt crisis will worsen and as a record quarterly drop in prices drove demand for jewelry.
Fourteen analysts surveyed by Bloomberg expect prices to rise next week, with 10 bearish and three neutral, the largest proportion of bulls since June 7. While hedge funds are the least bullish in six years and holdings in exchange-traded products dropped to a three-year low, demand for physical metal has been strong, Standard Bank Group Ltd. said.
Gold slid 23 percent last quarter after some investors lost faith in the metal as a store of value as the Federal Reserve said it may taper stimulus. The slump into a bear market in April spurred demand for jewelry and coins around the world, and imports into Turkey, the fourth-biggest consumer, expanded to a 4 1/2-year high. Prices advanced earlier this week as two Portuguese ministers resigned, pushing the nations borrowing costs to the highest in seven months.
A recovery will be tentative initially but a return of the euro zone debt crisis could spark a more sustainable rally, said Mark OByrne, the executive director of Dublin-based GoldCore Ltd., a brokerage that sells and stores bullion coins and bars. Many jewelers internationally are likely to use the recent price falls as an opportunity to stock up.
Gold traders are the most bullish in a month after political instability in Portugal raised concern that Europes debt crisis will worsen and as a record quarterly drop in prices drove demand for jewelry.
Fourteen analysts surveyed by Bloomberg expect prices to rise next week, with 10 bearish and three neutral, the largest proportion of bulls since June 7. While hedge funds are the least bullish in six years and holdings in exchange-traded products dropped to a three-year low, demand for physical metal has been strong, Standard Bank Group Ltd. said.
Gold slid 23 percent last quarter after some investors lost faith in the metal as a store of value as the Federal Reserve said it may taper stimulus. The slump into a bear market in April spurred demand for jewelry and coins around the world, and imports into Turkey, the fourth-biggest consumer, expanded to a 4 1/2-year high. Prices advanced earlier this week as two Portuguese ministers resigned, pushing the nations borrowing costs to the highest in seven months.
A recovery will be tentative initially but a return of the euro zone debt crisis could spark a more sustainable rally, said Mark OByrne, the executive director of Dublin-based GoldCore Ltd., a brokerage that sells and stores bullion coins and bars. Many jewelers internationally are likely to use the recent price falls as an opportunity to stock up.
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