ZLATO - komodity neuniknu spomaleniu ekonomiky

"Commodities, rising for a seventh consecutive year, aren't ``immune'' from slower economic growth, Fitch Ratings Ltd. said. Commodity prices are unlikely to escape a demand-led slowdown resulting from the anticipated global economic downturn,'' Fitch, a unit of Paris-based Fimalac SA, said in a report yesterday."

CPM Group's London-based counterpart, GFMS opines that gold could well have a second spike later this year or early next year, and that such an achievement could bring it up to perhaps as high as $1100 per ounce. This, in their annual survey, released today:

"Many of the drivers behind this investor push after all - dollar weakness, skeletons in banks' closets - are still very much with us," the GFMS's Philip Klapwijk said. "But quite where [gold will] top out is a difficult call - maybe $1,100 is achievable this year but $1,200 plus could be going a bit far". Timetable for this? late 2008, early 2009.

In its 2007 survey, the group found that the interplay between investors and the jewelry sector had largely determined the course that prices took. During the first half of last year, western investment fell but gold remained supported mainly by jewelry demand, GFMS said. But investment was the key driver for prices from September onwards, as the credit crisis flared up globally."

Watch for maintenance of the $900 level, while closing above $915 would be even more beneficial. Dollar/Oil remain pivotal. On a final note. the man who saw the Dow and gold eventually crossing price paths, Richard Russell, issued a call for "an epic bull market in stocks" earlier this week. Now there's food for thought in light of all of the above...

Zdroj: CommodityOnline.com

17.04.2008

"In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value."   Alan Greenspan