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
Pushback
18 Sepdennyc1
If a university professor has been on the job for more than five years without venturing out into the world there's usually nothing to learn here. ...
Rude Awakening for the US in January? No, Just More Alarmist BS Fro...
18 SepDRGEORGE
The world & the US $ have been on the brink for 10 years (or more). In 2008 it nearly happened but giving the 1% a stack of money saved the day. It...
'No evidence' of gold market manipulation, CPM Group's Christian in...
15 Sepneville
Despite being a so-called GOLD website ,I have read more anti GOLD articles on kitco than on any other site. Yes chris you are absolutely corre...
Rude Awakening for the US in January? No, Just More Alarmist BS Fro...
13 Sepgoldsacs1
USA born out of genocide, built by slavery, mantained by continuos wars, profited on fake money, which ultimately will be the cause of its demise. ...
Rude Awakening for the US in January? No, Just More Alarmist BS Fro...
15 SepSilverthumb2
I used to enjoy listening to Rickards. He sold out when he signed on with Agora Financial. Now he's just another ranting alarmist trying to get ri...
What's Killing the Jobs Market?
13 SepJ.0
It is hard to know where to begin to respond to your comment Recusant. You do not seem to understand how markets work. So, I'll throw out some po...
Rude Awakening for the US in January? No, Just More Alarmist BS Fro...
12 SepThe Recusant3
Oh, pish, Mish! Rickards has been spouting alarms for years. It's China and Russia that we must worry about sinking the dollar as the international...
What's Killing the Jobs Market?
09 SepThe Recusant-1
"Businesses thrive in an environment of freedom." Yes, to a certain extent. But when left to their own devices without any regulatory limits we ge...
Most commented articlesFavoritesMore...
World PM Newsflow
ALL
GOLD
SILVER
PGM & DIAMONDS
OIL & GAS
OTHER METALS