Gold to average record high in 2013 – GFMS
Persistent concerns over the health of the U.S. economy and pressure on the dollar will send gold prices to a record average high this year, Thomson Reuters GFMS said on Wednesday, before the metal’s 12-year bull run tops out late in the year.
Gold investment fuelled by negative real interest rates and debt concerns is seen driving prices higher in the first six months of 2013, it said, offsetting a dip in jewellery demand and a rise in mine and scrap supply.
GFMS forecasts that gold prices will average $1,775 an ounce in the first half of 2013, up from an average $1,685 in the second half of 2012, and well above the previous half-yearly record average of $1,693 set in the last six months of 2011.
It expects gold to average $1,847 an ounce in the full year, but monthly forecasts suggest it will peak in late 2013. Prices are expected to remain extremely elevated in the first half of 2014.
The company is forecasting a surge in implied net investment, which covers activity in exchange-traded funds, futures and over-the-counter trading, in the next six months to 152 tonnes, against 59 tonnes in the first half of last year.
That is likely to balance a projected 4.2 percent, or 40 tonne, drop in jewellery offtake — which is expected to weaken especially in the major Indian market — a 20 tonne rise in mine output and a 57 tonne increase in scrap supply.
Read More: http://www.stockgoldmarket.com/gold-to-average-record-high-in-2013-gfms
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