Salient to Investors:
Raymond Key at Deutsche Bank said gold will rise to a record above $2,000 an ounce in 2013 as central banks continue to print money, but don’t expect too much as the rally is maturing. Jeremy East at Standard Chartered said gold will be the best performing metal, driven by the ETF.
Gold is headed for a 12th annual gain, and ETF holdings rose to a record last week. Barclays said flows into ETFs may total 200 metric tons this year versus 175 tons in 2011. The IMF said Brazil, South Korea and Russia added gold to their reserves in 2012. Ashish Bhatia at the World Gold Council said nations bought 254.2 tons in half1 2012 and are on pace to exceed the 456 tons added in 2011.