Economist Shayne Heffernan said today Gold Holdings Signal Prices Surging to $2000:
Investors are increasing gold holdings at the fastest pace in six months, signaling prices may rebound to near a record, according to Adrian Day Asset Management. The of outstanding gold contracts in New York jumped 8.6 % in August, the biggest gain since February.
Gold declined for the first time in four days as a rally to the highest level in more than five months prompted sales before the ECB meet.
Spot Gold lost 0.3 % and was at $1,690.40 , trading at $1,692.57 in Asian Hours.
Gold reached $1,699.05 yesterday, the most expensive since March 13. Gold also fell as the euro weakened against the USD for a second day before data forecast to show retail sales declined and services contracted in the euro area.
U.S. payrolls grew at a slower pace last month and unemployment exceeded 8 % for a 43rd month,. Gold almost doubled from December 2008 to June 2011 after the Fed bought $2.3 trillion of debt in two rounds of quantitative easing.
Data compiled by HCM shows December-delivery gold was little changed at $1,694.90 an ounce on the Comex in New York, after topping $1,700 yesterday for the first time since March. Gold is set to climb above $1,800 by the end of this year as central banks' actions to stoke economic growth boost investment to a record in the second half, Thomson Reuters GFMS said in a report yesterday.
Shayne Heffernan oversees the management of funds for institutions and high net worth individuals.
Shayne Heffernan holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reached a peak market cap of $15b. He has managed and overseen start ups in Mining, Shipping, Technology and Financial Services.Read the Terms of Service