Bloomberg: Gold Traders Most Bullish Since '04 on Debt Crisis
Friday, November 11, 2011
Bloomberg, Nicholoas Larkin
Gold traders and analysts are the most bullish in at least seven years as investors
accumulate metal at the fastest pace since August to protect their wealth from a
widening European debt crisis.
Twenty-one of 22 surveyed by Bloomberg expect bullion to rise on the Comex in New
York next week, the third consecutive increase and the highest proportion in data
going back to April 2004. Holdings in exchange-traded products backed by gold rose
27.5 metric tons this week, within 1 percent of the record set almost three months
ago, data compiled by Bloomberg show.
The gold survey has forecast prices accurately in 223 of 387 weeks, or 58 percent
of the time.
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