ZLATO – príliv investícií bude pokračovať

Analysts expect gold investment to be strong in 2008 for many of the same reasons it was robust during latter 2007 - a soft dollar, fears of inflation and flight-to-safety amid credit-market worries.

Some said that the high price - with spot metal last month hitting $845 an ounce for the first time since 1980 - could curb enthusiasm for consumer purchases such as jewelry. Still, demand may be less affected by higher prices than in the past because of rising incomes in emerging economies, observers say.

“Next year should be a very good year on the investment-demand side of things,” said Bill O’Neill, a principal with LOGIC Advisors. “There is enough going on in outside areas, with potential pitfalls, that flight-to-quality demand is going to be there for hard assets.”

In particular, he cited continuing subprime and credit-market problems.

“Gold historically has been a place to hold value, and that will continue to appeal to investors,” Jansen said. Bart Melek, a global-commodity strategist with BMO Capital Markets, said that total gold demand in the second half of 2007 is expected rise around 11 percent, including fabrication, bar holdings and implied net investment. He looks for strength to continue in 2008.

“I continue to see the U.S. dollar being fairly anemic,” he said. Although it may not weaken materially against major currencies such as the euro or Canadian dollar.

Any worldwide easing of monetary policy could increase inflationary pressures at a time when commodities, such as food and energy, are already high, Melek said.

“Gold investors will look at that (easing) and like gold because not only will it be a hedge against a (soft) U.S. dollar, but it will be a hedge against inflation,” Melek said.

Investment demand for gold accelerated in the second half of 2007, Jansen said, “making up” for a lackluster first half.

Zdroj: JournalN

18.12.2007

"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