GOLD MAY REACH $2,000 BY MARCH 2012: REPORT

by Goldline.com | November 25, 2011

Gold prices are lower on the New York Spot Market on a stronger dollar and fresh debt downgrades in the Eurozone. Moody's slashed Hungary's credit rating to junk status following a similar move by Fitch on Portugal, leaving the euro falling and the dollar rising. Italian 10-year bond yields moved back above 7%, a level that eventually required bailouts for Greece, Portugal and Ireland. "The Eurozone is looking worse than the U.S." says Ross Norman, CEO of Sharps Pixley. Norman notes, however, that speculative long positions on the Comex are growing, which he says means traders are rebuilding positions after declines in September. There is "doubt about policy makers' ability to come to a consensus and come up with a proposal that the populous will accept," which he insists will continue to be positive for gold despite short-term volatility. (The Street, 11/25/11)

“U.S. stocks rose Friday, after spending several back-to-back days in the red, as investors returned from the Thanksgiving holiday for a shortened, and likely quiet, trading session,” according to CNN Money. Today’s advance comes after “six straight negative sessions for the S&P 500 and the Nasdaq. The Dow has declined for three sessions in a row.” (CNN Money, 11/25/11)

Gold prices may reach $2,000 an ounce by the end of March 2012, according to Rajan Venkatesh, Managing Director, India bullion, Socotia Mocatta, a part of the Bank of Nova Scotia. "Investor demand has compensated the decline in the jewelry consumption. The rising gold prices, which has boosted the investors appetite, may result in close to 1,000 ton imports of the yellow metal," says Venkatesh. The current US and the Euro zone crisis, he said, will keep the gold prices bullish and they are likely to reach $2,000 an ounce in another 3-4 months. (The Times of India, 11/25/11)

†This material has been prepared for private use. Although the information in this commentary has been obtained from sources believed to be reliable, Goldline does not guarantee its accuracy and such information may be incomplete or condensed. The opinions expressed are subject to change without notice.

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