At the moment. Very little volume. I don't expect much change till after the agm on the 28th and the allotment of shares to the directors in exchange for half wages In the first half of the year. Then early dec Maybe we will see a bit of movement. Good morning and gla. Atb zeps
The yellow metal hit a one-month low last Wednesday, on Fed tapering speculation and in anticipation of Janet Yellen’s congressional testimony. Gold fell over $9 or 0.8% to $1,271.20 an ounce, closing at the lowest level since October 11th.
Technically, the gold market bears have the near-term technical advantage. The gold bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at the October high of $1,361.80. Bears’ next near-term downside breakout price objective is a close below solid technical support at the October $1,251 low.
BofA Favors Gold, Copper for 2013 as Commodities Outlook Neutral By Maria Kolesnikova - Dec 11, 2012 4:30 PM GMT Facebook Share Tweet LinkedIn Google +1 0 COMMENTS Print QUEUE Q Gold, copper, silver, platinum and palladium will outperform other commodities next year on easing by the U.S. Federal Reserve and supply constraints, according to Bank of America Corp. Global economic growth will average 3.2 percent in 2013, “modestly” supporting demand for raw materials, analysts led by Francisco Blanch said in a report today. The so-called fiscal cliff of automatic tax increases and budget cuts could tip the U.S. economy into recession and “abrupt policy changes” in Europe may cause “large commodity price swings,” the analysts wrote. The bank is neutral on commodities, John Bilton, European investment strategist, told reporters in London today.
“We expect large-scale policy easing by the Fed and the ECB should push gold prices higher,” the analysts wrote, forecasting gold prices at $2,000 an ounce for 2013 and $2,400 for the end of 2014. “A stronger Chinese economy will likely lend support to supply constrained metals next year, and we expect copper prices to average $7,750 a ton in the fourth quarter of 2013.” Commodities as tracked by the Standard & Poor’s GSCI Spot Index are down 2 percent this year, led by declines in coffee, sugar and cotton. The gauge almost doubled in the three years to 2011 as central banks and governments around the world took action to boost their economies hurt by the global financial crisis in 2008. Spot gold, up 9.2 percent in 2012, is rallying for a 12th year as central banks join investors buying bullion to diversify assets. Holdings in exchange-traded products are at a record, data compiled by Bloomberg show, and central banks are also adding to their holdings. Silver has “scope” for a 20 percent rally from the current levels, the bank said. Bank of America expects grain prices to ease gradually into 2013, while “precariously low inventories” can drive prices higher at the start of the year, it said. To contact the reporter on this story: Maria Kolesnikova in London at email@example.com To contact the editor responsible for this story: Claudia Carpenter at firstname.lastname@example.org
GOLD MARKET NEWS Return to Gold Market News Directory Gold to Outperform Commodities in 2013: Bank of America Wednesday December 12, 2012, 8:59am PST Bloomberg reported that Bank of America analysts expect precious metals, including gold, to outperform commodites in 2013.
As quoted in the market report:
We expect large-scale policy easing by the Fed and the ECB should push gold prices higher,” the analysts wrote, forecasting gold prices at $2,000 an ounce for 2013 and $2,400 for the end of 2014.
To view the full Bloomberg report, click here. Tags: Gold, Gold Market News, gold markets, gold news
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