Gold May Rise on Concern Oil Will Spur Inflation, Survey Says
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Sept. 27 (Bloomberg) -- "Gold may rise for a fourth straight week as record-high oil prices boost the precious metal's allure as a hedge against inflation, a Bloomberg survey showed. The three-week rally in gold is the longest since January, as oil surged 11 percent during that period to a record closing price of $48.88 a barrel on Sept. 24. Consumer prices this year rose at a 3.7 percent annual rate through August, compared with an increase of 2.4 percent a year earlier.
``Hold on to your hats because inflation's coming,'' said Jonathan Battershill, an analyst at brokerage Hartleys Ltd. in Perth, Australia. ``Gold will provide investors with a natural hedge position as oil extends its rally this week," he said. ``Despite what the government says, that inflation is tame, it's very hard for people to swallow that news when they pay higher prices in grocery stores and at the pumps,'' said John Person, head financial analyst for Chicago-based Infinity Brokerage Services. ``The gold market will respond in a bullish manner." ``The low inflation numbers coming out of the U.S. are starting to look farcical,'' Battershill of Hartleys said. ``How can continued, elevated raw-material prices not impact the cost of fabricated and value-added products?''
Schnallt euch an und haltet eure Hüte fest!
