الرئيسية
NEW YORK (Reuters) - Gold prices will fall below $1,500 an ounce over
the next three months and are unlikely to retest September's all-time
highs until later 2012 at the earliest, according to a Reuters poll of
20 hedge fund managers, economists and traders.
The bleak forecast, coming after gold has lost 11 percent of its
value so far this month, is likely to fuel fears that bullion is close
to ending its more than decade long bull run and entering a bear market.
Almost half of respondents predicted bullion will fall to 1,450 an
ounce in the first quarter next year, with three seeing prices as low as
$1,400 an ounce.
The forecasts come after a dismal performance last week when prices
hit a 2 1/2 month low of $1,560 and gold lost its safe haven status.
Selling was fuelled by a scramble by hedge funds for cash to meet
client redemptions at the end of a difficult year and a run for cash by
European banks seeking to raise capital.
"What is surprising is that in an environment where headline risk
news is bigger than ever, gold has actually fallen from its highs," said
Christoph Eibl, CEO and founding partner of the Swiss commodity hedge
fund Tiberius.
"We believe that, in 2012, of all metals gold will be the worst performing," Eibl said.
The market eked out small gains Friday to trade just under $1,600,
but showed little sign of strength even after a small bout of short
covering took other financial markets higher.
the next three months and are unlikely to retest September's all-time
highs until later 2012 at the earliest, according to a Reuters poll of
20 hedge fund managers, economists and traders.
The bleak forecast, coming after gold has lost 11 percent of its
value so far this month, is likely to fuel fears that bullion is close
to ending its more than decade long bull run and entering a bear market.
Almost half of respondents predicted bullion will fall to 1,450 an
ounce in the first quarter next year, with three seeing prices as low as
$1,400 an ounce.
The forecasts come after a dismal performance last week when prices
hit a 2 1/2 month low of $1,560 and gold lost its safe haven status.
Selling was fuelled by a scramble by hedge funds for cash to meet
client redemptions at the end of a difficult year and a run for cash by
European banks seeking to raise capital.
"What is surprising is that in an environment where headline risk
news is bigger than ever, gold has actually fallen from its highs," said
Christoph Eibl, CEO and founding partner of the Swiss commodity hedge
fund Tiberius.
"We believe that, in 2012, of all metals gold will be the worst performing," Eibl said.
The market eked out small gains Friday to trade just under $1,600,
but showed little sign of strength even after a small bout of short
covering took other financial markets higher.