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Gold to Go To $600 As Investor Switch from Bonds.
Gold may top $600 an ounce this week for the first time in 25 years as investors buy bullion instead of U.S. bonds, a Bloomberg News survey shows.
Nineteen of 30 traders, investors and analysts surveyed from Sydney to Chicago on March 30 and March 31 advised buying gold, which gained $21.20 to $586.70 an ounce last week in New York and rose again today. Seven advised selling and four were neutral.
Gold rallied 13 percent since Dec. 31, outperforming the 3.7 percent gain in the Standard & Poor's 500 Index. Holders of the benchmark 10-year U.S. treasury lost 2.8 percent. Gold held for exchange-traded funds linked to the price of the metal grew about 28 percent in the first quarter, reaching 14 million ounces, said the producer-funded World Gold Council in London.
``It's going to $600,'' said Duncan Cruickshank, an analyst at Commodity Warrants Australia Pty in Sydney. ``People are piling in. People will make money even if they buy at these levels.''
The 3.7 percent gain in gold last week on the Comex division of the New York Mercantile Exchange was predicted by a majority of analysts surveyed March 23 and March 24. The Bloomberg survey has forecast the direction of prices accurately in 61 of 101 weeks, or 60 percent of the time.
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