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Fifteen analysts surveyed by Bloomberg expect prices to fall next week, with six bullish and five neutral, the largest proportion of bears since January 2010. The metal slumped below $1,300 an ounce for the first time since September 2010 yesterday. Investors sold 520.7 metric tons valued at about $21.7 billion from exchange-traded products this year.
Gold as much as doubled since 2008 as quantitative easing swelled the Fed’s balance sheet to a record $3.41 trillion. Bernanke said June 19 the central bank may start reducing the $85 billion in monthly debt buying this year and end the program in 2014. Bullion is heading for its first annual drop since 2000 after some investors lost faith in the metal as a store of value.
“The comments by the Fed are really the last signal for the soft hands that the bull market in gold is ending,” said Frederique Dubrion, the Geneva-based president and chief investment officer of Blue Star Advisors SA, which manages metals and energy assets. “One of the appeals of gold, especially since 2008, was because of quantitative easing. That they are going to slow down the pace of purchasing is not a good signal for gold.”
source: http://www.bloomberg.com/news/2013-06-20/gold-trade-most-bearish-since-10-as-fed-spurs-drop-commodities.html
Written by: Kontak Perkasa Futures
PT.Kontak Perkasa Futures, Updated at: 10:54 AM
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