Salient to Investors: Investors sold $5.4 billion of gold ETFs in February, the most since their creation in 2003. Credit Suisse and Barclays say the 12-year gold rally will peak in 2013. Credit Suisse said gold is significantly overvalued and unlikely to return to its September 2011 record of $1,921.15.
READ MORE... →Salient to Investors: Jeremy Grantham at Grantham Mayo Van Otterloo says: The US is muddling through reasonably well in the short-term, but long-term we are in a slowdown unappreciated by most economists – because they are not interested in the long-term. US growth won’t ever return to previous levels because
READ MORE... →Salient to Investors: Copper analysts are the most bullish in 5 weeks on optimism the global economy is strengthening versus hedge funds the most bearish since August. Goldman Sachs recommended buying copper for a 16 percent gain to $9000 in 6 months as China copper imports increase. Barclays says China
READ MORE... →Salient to Investors: Copper imports by China fell to the lowest level in 20 months. Louis Kuijs at Royal Bank of Scotland said data in the first two months of 2013 are distorted by the timing of the Chinese New Year holiday. Fang Junfeng at Shanghai Cifco Futures said the holiday is the main factor for
READ MORE... →Salient to Investors: Stephen Schork at Schork Group said WTI climbed strongly for the first 6 weeks of 2013, then gave it all back in 2 weeks. Schork said there was no traction to the downside below $90, and $100 is too high to justify, so short-term expects near $95. Stefan Wieler
READ MORE... →Salient to Investors: Lance Roberts at Streettalk Advisors said it seems accommodative monetary policies are here for some time. Standard Bank said physical gold demand picked up markedly below $1,600. Read the full article at http://www.bloomberg.com/news/2013-03-04/gold-snaps-three-day-decline-as-data-signals-extended-stimulus.html Free email alerts of articles as soon as they are posted.
READ MORE... →Salient to Investors: Goldman Sachs said gold’s cycle has turned as the US economy gathers momentum, and cut its 3-month forecast to $1,615 from $1,825 and expects $1,550 in a year’s time. Hedge funds are the least bullish on gold since 2008. Adrian Day at Adrian Day Asset Mgmt said confidence
READ MORE... →Salient to Investors: Gold futures are heading for the longest run of monthly declines in 16 years. Gold ETF holdings fell to a five-month low. Vedant Mimani at Atyant Capital Mgmt said the safe-haven premium is definitely falling. Credit Suisse said investors tend to buy less gold in an environment where
READ MORE... →Salient to Investors: The gold-mining industry has underperformed bullion for each of the past 6 years. The weight of gold behind ETFs has quadrupled to 2,530 tons since the start of 2007. Neil Gregson at JPMorgan Asset Mgmt said the industry has done nothing to persuade investors that hold gold ETFs to buy gold
READ MORE... →Salient to Investors: Damien Courvalin and Jeffrey Currie at Goldman Sachs said the cycle for gold prices, which rose for 12 straight years, has turned as the U.S. recovery gathers momentum and investment holdings collapse. Goldman lowered its 3-month target to $1,615, 6-month forecast to $1,600, and 12-month forecast to $1,550, and reversed its
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