Analysts Remain Bearish on Gold for Third Week (GLD)
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Gold is down...and things are looking much better.
That is, according to a slew of Wall Street analysts. Bloomberg said on Friday that the Street is bearish on the metal for the third-straight week, the longest stretch since February 2010. Out of 16 analysts surveyed, 11 think the metal will fall next week and two remained neutral.
News comes as gold hovers around $1,200 per ounce, the lowest since July 2013. Investors have sold about $69.1 billion -- about 800.8 metric tons -- from gold-backed ETFs since the start of 2013, with prices dipping about 26 percent on the year. Holdings are at the lowest level since March 2010.
While it's not clear what direction gold will head from here, some speculate that purchases will increase heading into the Chinese Lunar Holiday, which will occur next February.
For now, bulls on the metal can only sit tight.
The SPDR Gold Shares (NYSE: GLD) ETF is about flat.
That is, according to a slew of Wall Street analysts. Bloomberg said on Friday that the Street is bearish on the metal for the third-straight week, the longest stretch since February 2010. Out of 16 analysts surveyed, 11 think the metal will fall next week and two remained neutral.
News comes as gold hovers around $1,200 per ounce, the lowest since July 2013. Investors have sold about $69.1 billion -- about 800.8 metric tons -- from gold-backed ETFs since the start of 2013, with prices dipping about 26 percent on the year. Holdings are at the lowest level since March 2010.
While it's not clear what direction gold will head from here, some speculate that purchases will increase heading into the Chinese Lunar Holiday, which will occur next February.
For now, bulls on the metal can only sit tight.
The SPDR Gold Shares (NYSE: GLD) ETF is about flat.
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