Gold May End 3-Week Slide on Speculation Dollar Will Decline
June 5 (Bloomberg) -- Gold may end its three-week slide on speculation the dollar will drop against the euro and yen, boosting the metal's appeal as an alternative investment to U.S. stocks and bonds.
Fifteen of 28 traders, investors and analysts surveyed by Bloomberg News from Sydney to Chicago on June 1 and June 2 advised buying gold, which fell 2.5 percent last week in New York. Five recommended selling, and eight were neutral.
Gold is up 24 percent this year as the dollar fell 7.7 percent against a basket of six major currencies. The Standard & Poor's 500 Index climbed 3.2 percent this year, and Treasuries have lost 1.6 percent. Traders say that U.S. Treasury Secretary nominee Henry Paulson will continue a Bush administration push for a weaker dollar.
``Investors are going to start realizing the U.S. is on a deliberate campaign to debase the dollar,'' said Peter Schiff, chief executive officer of Darien, Connecticut-based brokerage Euro Pacific Capital, which manages about $400 million. ``When the dollar comes under a lot of pressure, there's a very strong case for owning gold.'' "
Gold nugget sales and museum size gold nuggets - visit: http://www.california-gold-rush-miner.us/
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment