Certified Gold Exchange Conducts Gold Price Survey Posted by Brian Ford on May 24, 2013
A Certified Gold Exchange survey has shown that about half of the company’s analysts are bullish on gold for next week, while the other half is evenly split between believing gold will fall or remain flat.
A total of 12 individuals were surveyed about their thoughts on next week’s gold price movements. Those queried included members of the research team, market analysts, brokers and executives.
Six respondents stated that gold would rise from its current value of $1384 by next Friday. Three of those surveyed believe that gold will end next week in the $1380-$1385 range and three others felt that gold could drop as low as $1350 per ounce by next Friday.
There were 17 participants in last week’s survey, with 11 of those participants correctly predicting that gold would finish this week above $1375 but below $1400 per ounce. Factors such as a more powerful dollar, uncertainty of the Federal Reserve’s upcoming policy changes and a large-scale, continuous sell-off of ETFs have hurt gold prices recently.
As of 5pm EST on Friday, the gold spot price was down a modest (in comparison with recent fluctuations) $5.80, and the yellow metal is down 2 percent in the last month after averaging 8-12 percent gains each year since 2001. Gold rose from $252 in 2001 to a high of $1900 before large-scale selling and U.S. government claims of a total economic recovery worked to pull prices lower, even as the government continues to print and spend money like no other government has ever done during any time in history.