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The threat of inflation hoist gold

27 February 2012

The price of gold is still in a bullish trend this week and potentially to the level of U.S. $ 1,800 per troy ounce along with the anxiety of potential inflation due to high oil prices and a splash of fresh funds some of the world’s central banks.

Suluh Wicaksono, Futures session length Head of Research said, “The majority of the Kitco gold survey predicts gold will go up”, referring to the precious metals trading company from Canada. As many as 79% of 24 respondents said the price rises, say 13% down and 8% say it. Positive fundamental, is expected to boost the gold price this week, as tensions with the West that Iran has the potential to disrupt oil supplies from the Middle East. But there remains a small pebble that shoe note that the improvement in U.S. economic data. If the level of U.S. $ 1,800 untouched, gold will test the resistance level, investors tend to sell, at U.S. $ 1,815 per troy ounce. The level of support or prices tend to rise when approaching U.S. $ 1,730 per troy ounce. Meanwhile, gold holdings in exchange-traded products backed by the metal rose to a record as concerns that the government’s financial stimulus will spur inflation.
Bloomberg data show holdings rose 0.2% to 2396.9 tonnes at the end of last week. Previous all-time highs were reached 2392.98 tonnes on December 13. Gold futures rose to its highest level in 3 months U.S. $ 1,789.50 per troy ounce. Surge in energy and food costs pushed inflation concerns that will be faster. Crude oil prices approaching U.S. $ 110 per barrel in New York amid rising global tensions with Iran. Food prices also rose as U.S. retail beef reached a record in January.

On the other hand, European Central Bank is likely to distribute 470 billion euros (U.S. $ 629) within 3 years of the bank amid the threat of default on the country in the region. In the U.S., the Federal Reserve likely to purchase additional bonds to spur the economy.

John Paulson, hedge fund manager who was recovering from record losses in 2011, told the investor that his investment institutions Gold Fund will be a mainstay, pengggunaan outperform other strategies for 5 years, whose funds own 55% are on the Gold Fund with assets U.S. $ 1.2 billion. Gold as a hedge against the euro, along with the possibility of disunity and ultimately an increase in inflation. Agency funds, which are used to buying gold and other types of derivatives related to securities, down 11% last year after precious metals prices slumped 14% in four months.

According to Bloomberg sources who declined to be named, at a meeting of the Metropolitan Club in New York last Friday miliader said metal is a hedge the currency as the country’s efforts to inject money into their economies.

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