The Phaserl


Gold: Short-Term Trade or Long-Term Opportunity?

from Daily Pfennig:

We recently asked Daily Pfennig® readers to weigh in on their personal expectations for the price of gold by the end of 2013. Readers were given a range of outcomes from which to select, spanning from below $1,000 per ounce to more than $1,900 per ounce by year-end. The distribution of answers, shown below, shows a strong skew toward gold prices at year-end being higher than the current $1,358 per ounce level as of May 20.

In fact, 84% of respondents indicated that they believed the price of gold would be greater than $1,300 per ounce by year-end, with the largest distribution expecting the price of gold to be between $1,601 and $1,900 at the end of the year, or between 18% and 41% more than the current $1,357 price level.1 Conversely, only 16% of Pfennig readers expect the price of gold to fall below $1,300 per ounce over the next seven months of the year.

t should not be surprising that Daily Pfennig readers’ results are skewed toward the upside in terms of price expectations for gold, especially considering that most of them are inured to view gold as a potential hedge against U.S. dollar exposure, and by extension, the outlook for U.S. economic stability.

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