Gold Bulls Expand as Billionaire Paulson Says BuyBy Nicholas Larki
Feb. 20, 2012
Trump Tells The Truth About Alt-Left Violence At EPIC Press Conference; Leaves Leftists 'Literally Shaking'
'Final Warning' To 'White People' Goes Viral On Twitter After Charlottesville Rally
"Where The F*** Are You?!" Antifa Panics Over Being Outnumbered At Charlottesville Rally
These Videos Show The Alt-Left Violence Trump Talked About During His Epic Press Conference
'Why Are You Normalizing Nazis?' NYT Reporter Lambasted For Reporting On Leftist Violence
Gold traders are getting more bullish after billionaire hedge-fund manager John Paulson told investors it’s time to buy the metal as protection against inflation caused by government spending.
Twelve of 22 surveyed by Bloomberg expect prices to gain next week and five were neutral. Paulson & Co. is already the biggest investor in the SPDR Gold Trust, the largest exchange- traded product backed by bullion, with a stake valued at $2.9 billion, a Securities and Exchange Commission filing Feb. 14 showed. Investors have 2,389.7 metric tons in ETPs, within 0.2 percent of the record reached in December and more than all but four central banks, according to data compiled by Bloomberg.
Speculators in U.S. gold futures are now their most bullish since September after the Bank of England and Bank of Japan said they will buy more assets and the Federal Reserve said it was considering purchasing more bonds. Central banks are also expanding their bullion reserves, adding 439.7 tons last year, the most in almost five decades. They may buy a similar amount in 2012, the London-based World Gold Council said yesterday.
“The appalling state of fiscal finances of most industrial nations does lead to concerns about the possibility of inflation,” said Mark O’Byrne, executive director of Dublin- based GoldCore Ltd., a brokerage that sells everything from quarter-ounce British Sovereigns to 400-ounce bars. “Gold is a crucial diversification given the various risks out there.”