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Higher Gold Prices Seen Next Week - Survey Participants

Friday August 19, 2011 12:22 PM

The sharp rally to consecutive all-time nominal highs for gold prices on the back of concerns over problems in the European Union banks and dismal economic data this week in the U.S. has participants in the weekly Kitco News Gold Survey generally looking for higher prices.

In the Kitco News Gold Survey, out of 34 participants, 21 responded this week. Of those 21 participants, 19 see prices up, while two see prices down, and none see prices sideways or unchanged. Market participants include bullion dealers, investment banks, futures traders and technical chart analysts.

Most traders who expect to see higher prices said people are seeking a safe-haven in the fresh concerns over the European banking system and until the situation there is seen as less dire, gold will find support.

"Gold is gaining both increasing attention and ironically, growing skepticism that its current move can be sustained. That is very bullish. Emotion is driving the thinking of the skeptics, rather than the important fact that gold remains undervalued," said James Turk, founder of GoldMoney.

The few participants who see weaker prices said the thin volumes that have helped to push prices higher could just as easily cause prices to tumble if there isn’t fresh news to “feed the bull.” One participant said most of the bad news is in the market, which makes sustaining to moves higher more difficult.