Gold Ends Year Up 10% and Silver Closes Down 9.8%
http://online.wsj.com/article/SB10001424052970204720204577130450113256904.html
Gold rose on Friday, and recorded its 11th consecutive annual gain as investors moved to the precious metal to shield their wealth from a stormy economy.
Silver futures also gained for the session, but ended the year with a loss of 9.8%.
The gold market’s steep losses in the past four months fueled talk that the yellow metal’s heyday is over, but it is too early to write it off, market participants say.
Many expect gold’s long bull market to continue in 2012. Low interest rates and the potential for more economic stimulus in the developed world are seen enhancing the metal’s appeal as an alternative asset, while growth concerns could prop up demand for gold as a safe haven.
VTB Capital analyst Andrey Kryuchenkov in a note Friday encouraged investors to hold on to bets that gold prices will rise through the coming year.
“There is little alternative to gold in times of economic uncertainty, despite the recent rush for the dollar,” Mr. Kryuchenkov said. “Gold stands on its own in terms of safe haven buying.”
On Friday, the most actively traded gold contract, for February delivery, rose 1.7% to settle at $1,566.80 a troy ounce on the Comex division of the New York Mercantile Exchange, as opportunistic buyers stepped in after the market’s six-session slide. On the year, the benchmark contract rose 10%.
Nearby January-delivery gold rose 1.7% to settle at $1,565.80 a troy ounce.
Some investors buy gold on the belief that it holds its value well during economic turmoil, but that hasn’t held true in recent months. Demand for the dollar took the shine off of the gold market after it reached record highs above $1,900 an ounce in September.
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the silver slump was strange..but its also a commodity that has been manipulated in the past and may have been again..$50 is the barrier to silvers rise..through that figure and it will explode..gold is attractive at $1500 imo..
401
Are you a professional trader in precious metals or just a collector? When the collapse comes, I’m thinking that people will be more interested in cases of Campbell’s tomato soup and bottled water or maybe some Vegemite. If you have a stash of that stuff, gold could come pretty cheap in a trade. Bring your gold. I will bring the groceries. We will barter.
I follow the markets but have been out of it for nearly 2 years. You can’t eat gold I know.
I am really keen to watch the value gold and preciouse metals continue to climb. I think that if I had some it would have been very astute of me to invest this way. Since I have none to invest, I must simply be proud of my astuteness to invest what I don’t have. In short, after I am through entertaining myself, I hope I will be around to see gold bust and people eating paper dollar bills. Then, I tell you, my sea shell collection will be priceless. P.S. Have you recently tried to find a seashell on the beach?
There are none, for you see, I have them all and they are priceless. Enjoy your gold and don’t eat too many paper bills,,,the ink is hard on your digestive system and gold is hard on the teeth.
gold bust would be interesting
Pm’s have been the basis of currency and barter for 6000 years…its real value will be seen in the not so distant future…if you have it, it may be the salvation of your families future.
Anything that comes from the earths crust is of great value.
my gold shorts (GLL calls) gave me 400% profit in 2011. more to come in 2012.
Only temporary…”if you don’t hold it…you don’t own it.”
Thank’s for supporting J p morgue and the rest of the fucks…
there are now, ’1oz gold’ vending machines….lol. time to get out? hehehe
Hny mate