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Gold Traders Turn Most Bullish in Three Months After 20% Rout: Commodities

October 14 2011, 08:57

FMX|Connect- WWW.FMXConnect.com (Reported on 10/14/2011)

Gold Traders Turn Most Bullish in Three Months After 20% Rout: Commodities

Source: Bloomberg

Gold’s biggest slump in three years means traders and analysts are now the most bullish in three months, speculating that Europe’s debt crisis, slowing growth and a bear market in equities will drive demand for bullion.

Twenty-two of 25 people surveyed by Bloomberg expect the metal to rise next week, the highest proportion since mid-July. Prices rebounded 9.2 percent since reaching a two-month low at the end of September and investors are adding to their holdings in gold-backed exchange-traded products for the first time in a month, according to data compiled by Bloomberg. Traders also expect gains in copper, sugar, corn and soybeans, surveys show. To read the full article, Click Here.

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