Peter Brimelow: Gold''s get-up-and-go

Section:

Gold to Sustain Bull Run in 2006,
Indian Commodity Exchange Says

From Crisil Marketwire
via Business Standard, Mumbai
Monday, January 9, 2006

http://www.business-standard.com/smartinvestor/storypage.php?
leftnm=lmnu6&leftindx=6&lselect=10&chklogin=N&autono=210987

INDORE, India -- Overseas spot gold prices are likely to stay
between $510-$600 per ounce during 2006 with a bias towards the
higher end of the band because of heightened fund buying, demand-
supply mismatch, a weakening dollar and speculative purchases by
central banks, according to a report by the National Commodity and
Derivatives Exchange of India (Ncdex).

Indications that the US Federal Reserve might finally stop hiking
interest rates may also push up gold prices, the report said.
Quoting extensively from projections made by various fund houses and
banks, the report said gold prices during the year are expected to
be on the higher side.

"Gold's bull run is likely to sustain itself in the near term as it
continues to get support from investment funds and positive
fundamentals," Ncdex said. The Ncdex report said the yellow metal
remains high on the priority list of many funds and asset managers
who want to diversify their portfolio.

On the demand-supply front, the report said, demand in 2005 for the
metal was around 3,957 tonnes, while supplies were only around 2,495
tonnes, and the situation is likely to continue in 2006 as well.

"Moreover, moves to develop new mining ventures has been slow
despite the surging gold price as production costs had sharply
risen," Ncdex said.

The negative real US Federal Reserve Fund rate would continue for
another six months providing support to gold as an attractive
alternative investment when compared with currency holdings, the
report added.

The growing popularity of exchange traded funds will make gold more
accessible as an investment opportunity, the report said.

According to the Ncdex report, slackening physical demand for gold
due to rising prices and profit booking by traders are the only two
negative factors that could cap the precious metal's unprecedented
rally.

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