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Commodities on a stronger wicket on investor backing |
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Commodities prices remained strong last week, despite some volatile gyrations, Gold and silver experienced sharp declines early in the week, but sprung back to higher levels with surprising rapidity, This suggests strong underlying investor demand, Even as the U, S, dollar showed signs of possibly having made a long-term base and started to recover last week as precious metals and petroleum prices were showing strength.
This is in line with these reports contention that recent increases in investor opinions that the global recession is moving toward a conclusion and that an economic recovery is likely to take hold over the next few guarters has been a major factor behind investor demand for commodities, The dollar's trading patterns have been important, but may have had a secondary level of importance to investors, Investors are accelerating their re-deployment of capital, moving back into commodities.
The view is that demand for commodities will recover faster and stronger than supply, pushing prices higher, While this investment pattern of moving into commodities may be expected to keep commodities prices high and strong in the months ahead, This week, profit-taking may test investors' convictions, however.
Courtesy: CPM Group for DGCX
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| Technical Calls |
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Gold can touch $1,225 per ounce by next week |
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What Eric is saying here also lies in the shortening of the steps in the stair step gold action. At new highs, such as now, this formation is a rare set up suggesting an exponential rise.
Rev. Doug, who is no slouch when it comes to gold, anticipat |
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Gold price will double $1,150: Jim Rogers |
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The most bullish investor on gold these days seems to be the global commodities investor Jim Rogers. Rogers, based in Singapore, and a big investor in the Chinese commodities market says, gold price should double the current $1,150 per ounce level. |
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Gold price to average $1,140: Barclays Capital |
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Barclays Capital says gold prices will average $1,140 per ounce in 2010, says Barclays Capital. "We expect prices to maintain their upward momentum through to at least the first half of 2010, where we expect prices to average $1,140 in the second qu |
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Crude oil futures continued to trade down in mid London trade Friday as the US dollar strengthened against the major currencies apart from a dip in the global equities. |
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Gold futures fell in negative zone as dollar gathered some strength in mid London trades. Dollar typically strengthens when there are less data releases from US. |
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MCX Comdex was up by 2.35% to 2694.17. MCX Energy was down by 0.22% to 2651.55, MCX Metal was up by 3.70% to 3226.02 and MCX Agri was up by 4.84% to 2255.10. |
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