Fed Stimulus Bets Boost Gold Futures

A recent survey – from the folks at Bloomberg – suggests gold (futures) are poised to climb another leg higher on the outlook another fed-stimulus here and in China adds to demand and provides an inflation hedge.  Gold futures ended the day lower most likely by profit taking.

The survey also included a prediction for gold (futures) to reach $1,800 per ounce by the end of the year.  This is a much more reasonable outlook than the $2,000/$2,500 & even $5,000 per ounce predictions we have heard in the not-so-recent past.

The problems in the Euro Zone have not gone away even though things have been quiet for the last two weeks,” stated Chris Hildebrand, vice-president of trading at HighGround Trading Group in Chicago, regarding the current gold futures situation.

Gold futures are in a newfound technical uptrend with this last leg up.  I am looking for a pull-back to get get aboard the long side.

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