Gold has potential to break all time high of $1,921an ounce during December this year, according to Saxo Bank, a Danish investment bank.
According to the bank, gold investments through Exchange Traded Funds reached a new record during the week with more than 200 tons added since the rally resumed in mid-August once the price moved above $1,625an ounce.
Hedge funds and other leveraged investors only joined in following the break above that level but have since then added 380 tons. Physical demand from China and India, the two major buyers, has been subdued but a pick-up has been witnessed over the last couple of weeks while central bank buying, especially from emerging economies, is expected to reach a new record in 2012.
All in all we continue to see further upside potential for gold and to a lesser degree silver as reduced demand from industrial users increases the pressure on financial investors to keep the supply surplus down, the Copenhagen based bank added.
The absolute line in the sand below is now $1,500 but we expect technical support at the 200-day moving average, currently at $1,659, will hold off any downside attempts, Saxo Bank concluded. [ Via ]
According to the bank, gold investments through Exchange Traded Funds reached a new record during the week with more than 200 tons added since the rally resumed in mid-August once the price moved above $1,625an ounce.
Hedge funds and other leveraged investors only joined in following the break above that level but have since then added 380 tons. Physical demand from China and India, the two major buyers, has been subdued but a pick-up has been witnessed over the last couple of weeks while central bank buying, especially from emerging economies, is expected to reach a new record in 2012.
All in all we continue to see further upside potential for gold and to a lesser degree silver as reduced demand from industrial users increases the pressure on financial investors to keep the supply surplus down, the Copenhagen based bank added.
The absolute line in the sand below is now $1,500 but we expect technical support at the 200-day moving average, currently at $1,659, will hold off any downside attempts, Saxo Bank concluded. [ Via ]
====================================================================================
You can Contact us for trading Commodity, Equity, Stocks and futures. We are the leading brand in providing accurate trading tips with high accuracy. We offer Investment Planning, Money Management and Paid Consultancy too.
Complete Broker Franchise available here. Get registered for free trials for any trade you want. Call us for more details and amazing offers for traders. Join us and become a professional trader.
Mob: 9872444433, Landline: 0161-4413274, 0161-4621433
Complete Broker Franchise available here. Get registered for free trials for any trade you want. Call us for more details and amazing offers for traders. Join us and become a professional trader.
Mob: 9872444433, Landline: 0161-4413274, 0161-4621433
====================================================================================
![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/charts/metals/base/spot-copper-6m.gif)
![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/charts/metals/base/spot-nickel-6m.gif)
0 comments: