Gold Bull Not Over - Analyst
Tweet
Share
E-mail
Spot gold prices have fallen 8 percent in three months, losing 3.5 percent in the past week alone, but an analyst at Morgan Stanley doesn't think the bull market is over.
U.S. real estate interest rates are still negative, which is supportive of gold prices, according to Hussein Allidina, an analyst with Morgan Stanley. He also says that most investors have held onto their ETFs, which is another bullish sign.
The biggest driver behind the rise in gold prices might be central banks, who have been adding the precious metal to their reserves. According to Allidina, they are still buying, and this is clearly another positive sign. So, despite the sell off, gold which can be traded using the ETF (NYSE: GLD), might still be a buy.
U.S. real estate interest rates are still negative, which is supportive of gold prices, according to Hussein Allidina, an analyst with Morgan Stanley. He also says that most investors have held onto their ETFs, which is another bullish sign.
The biggest driver behind the rise in gold prices might be central banks, who have been adding the precious metal to their reserves. According to Allidina, they are still buying, and this is clearly another positive sign. So, despite the sell off, gold which can be traded using the ETF (NYSE: GLD), might still be a buy.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Israel said to eye US listing for major defense firms
- Nike slips after Evercore downgrades stock on gloomy near-term outlook
- ConectivGlobal launches ConeqtX and MyLife Wellness platforms
Create E-mail Alert Related Categories
Commodities, ETFsRelated Entities
Morgan StanleySign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
