Close X Cookies are necessary for the proper functioning of 24hGold.com. By continuing your navigation on our website, you are accepting the use of cookies.
To learn more about cookies ...
EnglishFrench
Gold & Silver Prices in

Roubini's Bearish Forecast Is Bullish For Gold

IMG Auteur
Published : January 27th, 2012
365 words - Reading time : 0 - 1 minutes
( 1 vote, 5/5 )
Print article
  Article Comments Comment this article Rating All Articles  
0
Send
0
comment
Our Newsletter...
Category : GoldWire

 

 

 

 

Gold’s London AM fix this morning was USD 1,722.00, GBP 1,095.98, and EUR 1,310.30 per ounce.


Yesterday's AM fix was USD 1,713.00, GBP 1,091.10, and EUR 1,300.59 per ounce.


In Asia this morning gold fell from its seven week high as traders took profits ahead of US Gross Domestic Product data to be released later today (1.30GMT).  Gold investors were happy with the Fed's decision to keep interest rates low, but now the focus will again be on the eurozone and hopes for a solution to Greece's debt debacle.


Gold will still be supported by central banks who add to their reserves, plus strong Asian interest from investors and consumers.


Gold rallied to $1,729.76 on Thursday, its strongest since December, but was still well below the record of $1,920 reached in September 2011.  Silver is on track for nearly a 20% rise this January, its biggest gain since last April.


Economist, Nouriel Roubini, who predicted the 2008 financial crisis, outlined the following predictions at a conference in NYC on Jan. 19th.   He said, “Rising commodity prices, uncertainty in the Middle East, the spreading European debt crisis, increased frequency of “extreme weather events” and U.S. fiscal issues are “persistent” problems that will continue to spur market volatility and sway asset prices in the global economy.


This is great news for gold. Goldman Sachs noted in a report on Jan. 13th that futures will advance to $1,940 an ounce in 12 months.  Morgan Stanley forecasts the yellow metal will climb to a record of $2,175 by 2013, said analysts Peter Richardson and Joel Crane in their research report.


Futures for February delivery rose 2.1% to $1,700.10 today on the Comex in New York. This is the  highest closing price seen since early December.  


For breaking news and commentary on financial markets and gold, follow us on Twitter.


NEWS


(Reuters)
Gold dips after rally; heads for fourth week of gains


(Bloomberg)
Gold Proves Safest as Goldman Forecasts Record: Riskless Return


(Reuters)
Gold eases off highs to end flat


COMMENTARY
(Barron's)
Hedge Fund Guru Sees Gold Price Soaring


(FirstPost.Economy)
Will gold extend its gains for 12th straight year?


(ZeroHedge)
Guest Post: Gold Bonds: Averting Financial Armageddon


Mark O’Byrne

Goldcore

 

 

<< Previous article
Rate : Average note :5 (1 vote)
>> Next article
Mark O'Byrne is executive and research director of www.GoldCore.com which he founded in 2003. GoldCore have become one of the leading gold brokers in the world and have over 4,000 clients in over 40 countries and with over $200 million in assets under management and storage.We offer mass affluent, HNW, UHNW and institutional investors including family offices, gold, silver, platinum and palladium bullion in London, Zurich, Singapore, Hong Kong, Dubai and Perth.
WebsiteSubscribe to his services
Comments closed
Latest comment posted for this article
Be the first to comment
Add your comment
Top articles
Latest Comments
Leaked Police Report: There Are 23 Muslim-Controlled “No Go Zones” ...
25 Junkevthorne1
I do not know how anyone could take an article like this seriously. It is garbage of the worst kind. 'Anonymous sources' 'unidentified leaks' - not...
Bitcoin in Perspective: Bill Gates Worth More, Gold 200 Times More
22 JunDavid C.2
Yes Mish, but bitcoin and the wealth and debt burdens of the world are fully backed by electrons which are very light. Unlike that 68 ft glob of m...
Bitcoin in Perspective: Bill Gates Worth More, Gold 200 Times More
23 JunDynoman0
Valuable potential is what's currently offered by digital currencies. It makes absolute sense to have a global digital economy based upon borderles...
Absent Without Leave
21 JunS W.
Bail ins for sure. It was agreed at the G20 in Brisbane. You are not really a share holder. You are an unsecured creditor to the bank a...
Absent Without Leave
19 JunJ.3
Perhaps all the international shenanigans are the smoke and mirrors intended to obfuscate the view of the looming financial catastrophe. When the ...
Gold Price Cuts Post-UK Election Loss, ETF Investors Sell, Nasdaq D...
16 JunSam Maher
"the SPDR Gold Trust (NYSEArca:GLD) – saw its sharpest liquidation since March in the week-ending Thursday, with shareholders cutting the fund's si...
Things To Come
13 Junkevthorne3
If voting for 'parties' actually made a difference they would have not legalised it. Since 1914, it's been the supply of currency that has governed...
Things To Come
12 Jun Roygbiv0
And JHK ruined your life because he then voted for Obamba ? For Jim C.
Most commented articlesFavoritesMore...
World PM Newsflow
ALL
GOLD
SILVER
PGM & DIAMONDS
OIL & GAS
OTHER METALS