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INDUSTRY BULLETIN – GOLD MAY GAIN 5.5% ON AVERAGE IN 12 MONTHS, SCOTIAMOCATTA SAYS
Dear Shareholder,
In our ongoing efforts to provide broader communications and market information, we are pleased to provide you, for your interest, with Industry Sector Bulletins discussing current market opinions and/or conditions that affect the price, use and supply & demand for gold
Yours truly,
AGORA Investor Relations
Gold May Gain 5.5% on Average in 12 Months, ScotiaMocatta Says
March 3, 2006
FROM: CCMSectorInvest.com/Bloomberg.com
http://www.ccmsectorinvest.com/detailednews.asp?intReleaseID=10639&d=3*2006&n=27
March 3 (Bloomberg) -- Gold prices may rise 5.5 percent to an average $600 an ounce in the next year on expectations the dollar will weaken and oil prices may rise, making the precious metal more appealing to investors as an alternative investment.
Gold prices may range between $450 and $890 an ounce over a one-year timeframe, and average $553.81 an ounce over a three- month period, the according to a survey by ScotiaMocatta. The metal reached $579.50 on Feb. 2, the highest since January 1981.
Gold buying increased as investors sought to hedge against inflation and put more money in commodities in a bid for better returns than from stocks and bonds. Bullion has almost doubled in the five years to 2005, while Standard & Poor`s 500 Index returned 2.7 percent with dividends reinvested.
``All the increased demand has come from professional and retail investment,`` ScotiaMocatta Director Bernard Hunter said. ``Respondents were generally more bullish for gold`s prospects over the next year.``
The Euro rose to almost a one-month high yesterday against the dollar after the European Central Bank President Jean-Claude Trichet raised rates and lifted growth and inflation forecasts. Gold sold in dollars moved in tandem with the euro against the dollar from 2002 to 2004.
Euro Gains
``The euro has broken out against the dollar with a couple of rate hikes ahead,`` said Michael Guido, director of hedge fund marketing and commodity strategy for Societe Generale SA in New York. ``That`s lifting gold.``
Gold for spot delivery is trading at $569.46 at 3:08 p.m. Tokyo time, up 28 percent in six months. The dollar has lost 4.1 percent to the euro in the same period.
Crude oil climbed for a third day, after rising 2.2 percent to $63.36 a barrel yesterday in New York, as tension over Iran`s nuclear program increased concern about the security of supplies from the Organization of Petroleum Exporting Countries.
Rising oil prices stoke concern about quickening inflation, prompting some investors buy gold as a hedge.
Silver may average $9.49 an ounce over three months, and fall to an average $5.00 an ounce in the next year as supply increases, Hunter said, based on a survey of 60 respondents.
The metal traded at 10.215 an ounce at 2 p.m. Singapore time. It has gained 38 percent the past year.
To contact the reporters on this story:
Claire Leow in Jakarta at cleow@bloomberg.net.
Last Updated: March 3, 2006 01:19 EST
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