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Gold seen rallying from worst streak in eight years: Commodities

Posted on 04 January 2013

Gold traders expect prices to rebound from the longest weekly losing streak in eight years as mounting that concern that U.S. lawmakers are doing too little to control the budget deficit spurs demand for a protection of wealth.
Twenty analysts surveyed by Bloomberg expect prices to rise next week, five were bearish and a further two were neutral. While hedge funds cut bullish bets to a four-month low last week as prices slid for a fifth week, investors are holding a near- record amount in gold-backed exchange-traded products that are now valued at $138.8 billion, data compiled by Bloomberg show………………………………………..Full Article: Source


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