Skip to comments.Are we about to see a Chinese gold rush?
Posted on 08/19/2012 9:23:58 PM PDT by bruinbirdman
Gold price bulls and bears have been equally matched over the past few months, as the price has traded in a tight trading range since the end of May. Is this going to change anytime soon?
Most of the gold bulls currently have their eggs in the quantitative easing basket
Currently, gold is at the top of this $1,550 (£987) to $1,620 an ounce range, but market watchers are split on what will happen next, with the gold price bulls and bears both having plenty of fodder to support their case.
A Bloomberg poll of gold analysts released on Friday showed that they are the most bullish on pricing prospects for six weeks. With gold at the top of its trading range, does this signal a breakout?
Out of 26 analysts surveyed by Bloomberg, 14 expected prices to rise this week, with six expecting a fall and six seeing neutral price action. So, this is far from a resounding bullish cheer.
There was also news last week in an SEC filing that both George Soros and John Paulson had increased their investment in SPDR Gold Trust, the worlds largest publicly traded physical gold exchange traded fund (ETF).
Soros upped his stake in the ETF to 884,400 shares from 319,550 and Mr Paulson bought 4.53m shares, bringing his stake to 21.3m.
At the current price of about $156, these are new investments of about $88m of Mr Soros cash and more than $700m from Mr Paulsons funds. These are significant positions.
However, Mr Soross words of wisdom on the gold price have not always been worth following. At Davos in 2010 he declared that The ultimate asset bubble is gold. The price was at about $1,100 at that time. Also, Mr Paulsons gold fund
(Excerpt) Read more at telegraph.co.uk ...
I have found this website to be a very useful source of information on the economy, gold, and silver.
if gold hits 2k I am selling, been collecting broken gold jewelery for about 10 years. sometimes my hoarding tendancies pay off!