Gold May Rise for Second Straight Week on Demand for Haven

By Pham-Duy Nguyen

Sept. 22 (Bloomberg) -- Gold may rise for a second straight week as investors seek a haven from credit-market turmoil.

Fourteen of 22 traders, investors and analysts surveyed from Mumbai to Chicago on Sept. 18 and Sept. 19 advised buying gold, which surged 13 percent last week to $864.70 an ounce in New York. Seven said to sell, and one was neutral.

Gold posted a record two-day gain last week after Lehman Brothers Holdings Inc. filed for bankruptcy and the Federal Reserve took over American International Group Inc. The metal reached a record $1,033.90 an ounce in March.

The gain last week was anticipated by most analysts surveyed on Sept. 11 and Sept. 12. The survey has forecast prices accurately in 137 of 229 weeks, or 60 percent of the time.

To contact the reporter on this story: Pham-Duy Nguyen in Seattle at

These articles are provided for informational purposes only and were obtained from publicity available sources on the Internet. These articles do not constitute financial advise or trading recommendations by Global Asset Management ("Global"). Global neither warrants the accuracy or completeness of the information contained in these articles, undertakes to update them, nor is it responsible for any omission or error contained in these articles. Viewers are encouraged to conduct, and should only rely on, their own independent research.
The purchase or sale of precious metals involves substantial risk and volatility. If you are contemplating purchasing and/or selling precious metals, you should consult with an independent financial advisor to learn about the inherent risks. Global does not render, and nothing in this website should be construed as, financial advise, a trading recommendations or a solicitation for the purchase or sale of precious metals.

Daily Chart : Gold

Daily Chart : Silver

Daily Chart : Platinum

Daily Chart : Palladium


Copyright © 1996-2010 Global Asset Management. All rights reserved.

2425 Hollywood Blvd. Suite 100. Hollywood, Florida 33020 ::

phone: 954.921.1021 :: fax: 954.921.1536 :: toll free: 1.888.421.1021