Gold traders are getting more bullish after billionaire hedge-fund manager John Paulson told investors it’s time to buy the metal as protection against inflation caused by government spending.
Twelve of 22 surveyed by Bloomberg expect prices to gain next week and five were neutral. Paulson & Co. is already the biggest investor in the SPDR Gold Trust, the largest exchange- traded product backed by bullion, with a stake valued at $2.9 billion, a Securities and Exchange Commission filing Feb. 14 showed. Investors have 2,389.7 metric tons in ETPs, within 0.2 percent of the record reached in December and more than all but four central banks, according to data compiled by Bloomberg.
This Bloomberg story from yesterday was sent to me by Washington state reader S.A...and the link is here.
The above Bloomberg story prompted the following outburst over at zerohedge.com yesterday..."We wish we had good news, but we are not going to lie: This is the worst possible news for any gold bull out there." Wesley Legrand sent me that story...and the link is here.
