The aggressive tendencies of the sovereign debt scourge have especially fed the voracious appetite of gold investors since this past August, a Bloomberg poll indicated.
Administered late last month, the gold poll found investors since then have most heavily purchased the metal since 2004. The survey boasts an accuracy rate of 58 percent, or 223 of 387 weeks. Twenty-one of 22 polled project gold to rise in value next week, which would mark a third consecutive week of gains.
Gold is "an important thing to own when there is this sort of volatility in stock markets and concern about currency devaluations," executive director Mark O'Byrne with brokerage GoldCore told Bloomberg.
Since January, gold futures have gained about 24 percent in value, driving toward an 11th consecutive year of gains. Gold lags behind only gas oil and heating oil as a top performer of the 24 commodities monitored by a Standard & Poor's index.
Newly sworn in Greek Prime Minister Lucas Papademos has assembled a unity government that immediately faces the challenge of working out the second tranche of emergency aid in 17 months, The Guardian reports. The sovereign debt crisis also played a role in forcing out Italy's prime minister.
Risk Disclosure
This material is conveyed as a solicitation for entering into a derivatives transaction.
This material has been prepared by a Daniels Trading broker who provides research market commentary and trade recommendations as part of his or her solicitation for accounts and solicitation for trades; however, Daniels Trading does not maintain a research department as defined in CFTC Rule 1.71. Daniels Trading, its principals, brokers and employees may trade in derivatives for their own accounts or for the accounts of others. Due to various factors (such as risk tolerance, margin requirements, trading objectives, short term vs. long term strategies, technical vs. fundamental market analysis, and other factors) such trading may result in the initiation or liquidation of positions that are different from or contrary to the opinions and recommendations contained therein.
Past performance is not necessarily indicative of future performance. The risk of loss in trading futures contracts or commodity options can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results.
Trade recommendations and profit/loss calculations may not include commissions and fees. Please consult your broker for details based on your trading arrangement and commission setup.
You should carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. You should read the "risk disclosure" webpage accessed at www.DanielsTrading.com at the bottom of the homepage. Daniels Trading is not affiliated with nor does it endorse any third-party trading system, newsletter or other similar service. Daniels Trading does not guarantee or verify any performance claims made by such systems or service.
