The big move in gold prices this week after the bond-buying announcement by the European Central Bank and hopes for more stimulus from the Federal Reserve next week has most participants in the weekly Kitco News Gold Survey suggesting values for the yellow metal could rise again.
In the Kitco News Gold Survey, out of 33 participants, 29 responded this week. Of those 29 participants, 22 see prices up, while four see prices down, and three are neutral or see prices moving sideways. Market participants include bullion dealers, investment banks, futures traders, money managers and technical-chart analysts.
Several participants echoed what Ira Epstein, director of the Ira Epstein division of The Linn Group, said, which is that there are expectations that the Fed will announce another stimulus plan, which will lower the value of the U.S. dollar.
The Federal Open Market Committee meets Wednesday and Thursday. After the release of the minutes from the previous FOMC meeting and comments by Fed Chairman Ben Bernanke at the Jackson Hole, Wyo., Fed symposium, survey participants said that hopes are high that the Fed will act. That view was given more credence on Friday following a lower-than-expected August jobs report. . .View Full Article