Bloomberg: Gold Bears Dominant Again as U.S. Growth Quickens: Commodities

Gold traders are bearish for the first time in six weeks as accelerating U.S. economic growth and weaker sales of physical bullion curbed demand for the metal.

Twelve analysts surveyed by Bloomberg expect prices to fall next week, nine were bullish and four neutral. The metal retreated for a fifth day yesterday, the worst losing streak since May 17 and slipped below $1,300 an ounce earlier today for the first time since July 22. Physical demand slowed in the past several weeks, according to Standard Bank Group Ltd.

Gold is heading for the first annual drop in 13 years after some investors lost faith in the metal as a store of value. The slump that wiped $58.9 billion from the value of gold funds hurt investors including hedge fund billionaire John Paulson as well as Barrick Gold Corp. (ABX) and other mining companies. U.S. equities reached a record this week after data showed the nation expanded 1.7 percent in the second quarter, more than economists surveyed by Bloomberg had expected.

Read more...

If you want to try online poker, play at 888 poker today!