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 VIETNAM - Gold May Advance on Strengthening Asian Demand as Gartman Turns Bullish

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PostSubject: VIETNAM - Gold May Advance on Strengthening Asian Demand as Gartman Turns Bullish    Thu Jan 05, 2012 3:15 pm

January 5, 2012


Gold May Advance on Strengthening Asian Demand as Gartman Turns Bullish

Gold, little changed in London trading, may advance for a fifth day as demand increases in Asia ahead of the Lunar New Year.


China, Taiwan, Hong Kong, Vietnam and Thailand may all boost gold purchases for gift-giving ahead of the holiday, according to U.S. Global Investors Inc. Dennis Gartman, the economist who correctly forecast 2008’s commodities slump, said in his daily Gartman Letter today he’s become “officially bullish” on gold again.


“Brisk demand for gold ahead of the Chinese New Year celebrations is reported from Asia,” Eugen Weinberg, a Frankfurt-based analyst at Commerzbank AG, wrote today in a report.


Gold for immediate delivery rose 0.1 percent to $1,613.60 an ounce by 9:54 a.m. in London. It rose as much as much as 0.9 percent to $1,625.85 an ounce, the highest level since Dec. 21. February-delivery bullion advanced 0.1 percent to $1,614.90 on the Comex in New York.


“The bear run that began in August has now officially ended,” Gartman wrote.


The metal rose 4.4 percent since Dec. 30 as tension between Europe and Iran increased over its nuclear program. Gold advanced 10 percent last year, extending its gains for an 11th year, buoyed by haven demand driven by Europe’s debt crisis. Holdings in exchange-traded products (.GLDTONS), which hit a record 2,392.976 metric tons on Dec. 13, rose yesterday for the first time since Dec. 29, to 2,355.316 tons, according to data compiled by Bloomberg.
Euro Declines


Still, gains may be limited as the euro slumped as much as 0.7 percent against the U.S. dollar to the lowest since Sept. 14 after Greek Prime Minister Lucas Papademos warned that his country may face economic collapse as soon as March.


The 30-day correlation coefficient between bullion and the euro is at 0.72, compared with -0.35 on Oct. 7. A figure of minus 1 means the two tend to move in opposite directions, and 1 means they move in lockstep.


China, the second-largest gold-jewelry market after India, may boost consumption by 35 percent in 2012 to a record, according to Mountain View, California-based research company Frost & Sullivan, as the tradition of giving gold for weddings, birthdays and holidays, including the Lunar New Year, drives demand. The weeklong New Year break starts Jan. 23.


“We are getting to a point where gold is a good buying opportunity, both gold equities and gold metal,” Peter Hickson, a commodities analyst at UBS AG, said in an interview with Caroline Hyde on Bloomberg Television’s “First Look.” “Uncertainties” in Europe will drive gold to average more than $2,000 an ounce this year, he said.


Spot silver fell 0.6 percent to $29.0125 an ounce, immediate-delivery platinum dropped 0.3 percent to $1,414.25 an ounce and cash palladium fell 1.5 percent to $638.50 an ounce. (Bloomberg)





http://www.vietfinancenews.com/2012/01/gold-may-advance-on-strengthening-asian.html#more


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