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Sunday, December 16th, 2018 - Buy Gold - Bringing you trusted gold news and gold investing information since 2006

Survey Reveals that Gold May Advance Higher as Economic Growth Truncates

A survey conducted by Bloomberg reveals the possibility of gold extending gains from a record as debt crisis truncate economic growth. Bloomberg surveyed 30 people who are well informed about the basis of investments and made up of traders, investors and analysts.

While nine of the people surveyed were neutral to the outcome of the survey, five predicted that the price of gold will drop while sixteen out of the thirty people who took part in the survey believed strongly that gold will be rise in price next week. These sixteen people formed the majority of the surveyed people and occupy a percentage of 53 of the population of the surveyed respondents.

Gold intended for December delivery on COMEX gained 4.7 per cent in price selling at $1, 824.50 per ounce Thursday morning while its price rose to $1,877 on Friday. While equities plunged on Thursday, gold was having a field day with price gain.

Meanwhile, the prices of stocks plunged across the globe on Thursday and treasuries rallied thereby driving yields to record lows. Concerns about the slow pace of global economy have made Morgan Stanley to reduce its forecast for the world economic growth. Gold was reported in a report compiled by Bloomberg to have attained the most ever metric tons of 2,216.8.

Looking at the trend at which investors have been buying physical gold, Ross Norman, the CEO of a London based gold brokerage firm called Sharps Pixley Limited, commented that the trend of buying physical gold will help to preserve wealth though she wondered at how scary the world economy has reached presently.

The survey reported here was Bloomberg’s regular weekly gold survey which dated back seven years ago and has recorded 57 per cent success rate of forecast accuracy which translates to 217 weeks accuracy out of the 376 weeks surveyed so far.

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