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Are we about to see a Chinese gold rush?

by Garry White, The Telegraph:

Currently, gold is at the top of this $1,550 (£987) to $1,620 an ounce range, but market watchers are split on what will happen next, with the gold price bulls and bears both having plenty of fodder to support their case.

A Bloomberg poll of gold analysts released on Friday showed that they are the most bullish on pricing prospects for six weeks. With gold at the top of its trading range, does this signal a breakout?

Out of 26 analysts surveyed by Bloomberg, 14 expected prices to rise this week, with six expecting a fall and six seeing neutral price action. So, this is far from a resounding bullish cheer.

There was also news last week in an SEC filing that both George Soros and John Paulson had increased their investment in SPDR Gold Trust, the world’s largest publicly traded physical gold exchange traded fund (ETF).

Mr Soros upped his stake in the ETF to 884,400 shares from 319,550 and Mr Paulson bought 4.53m shares, bringing his stake to 21.3m.

At the current price of about $156 a share, these are new investments of about $88m of Mr Soros’ cash and more than $700m from Mr Paulson’s funds. These are significant positions.

Read More @ Telegraph.co.uk

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