Deutsche Bank Gives Gold the Thumbs-Up - Gainesville Coins News
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Deutsche Bank Gives Gold the Thumbs-Up

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Deutsche Bank Gives Gold the Thumbs-Up

Deutsche Bank AG, one of the world’s largest commercial and investment banks recently commented on the future of gold. Michael Blumenroth, a precious metals trader at the firm said on CNBC’s UK program “Strictly Money” that not only would gold continue its recent upward trend, but that it would reach $1,600/oz. by 2012.

Blumenroth cited recent problems in the eurozone as an explanation for his prediction. He stated that Deutsche Bank’s research team initially agreed with many in finding that the recent bull market would not continue, but later reasoned that gold is seen by many as a safe haven against inflation, and that purchases worldwide would continue. Blumenroth also observed that European gold markets, especially those in Germany have seen an influx of investors. The analyst concluded by stating that because European central banks are not selling gold at the moment, supply will stay relatively low.

The direct effects of this analysis will be real and tangible. Because the Deutsche Bank maintains such a huge presence in Europe, the predictions of their analysts are received with a measure of clout by European and American investors alike. Many of those having heard Blumenroth’s comments are likely to interpret them as a “buy” signal putting even more pressure on a commodity already in high demand.

Blumenroth’s comments, along with those of analysts like him have incredible influence on global markets. It is quite possible that even if gold were not previously headed for $1,600/oz. by 2012 before, it will now.

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