It looks like a good time to hold gold with the Chinese new year looming — survey
There’s one thing many gold traders and analysts agree on, now is a great time to own bullion.Those surveyed by Bloomberg this week were the most bullish in a year. They cited worries over political developments in Europe, and in the US following Donald Trump’s election, as well as expectations of stronger demand ahead of the Chinese lunar new year.After posting the biggest quarterly drop in more than two years, prices are now heading for their best weekly performance since April."The eurozone has plenty of crisis triggers over coming months; Indian and Chinese buying remain strong and Trump’s policy threatens inflation," said Adrian Day, president of Adrian Day Asset Management in Annapolis, Maryland, which manages $190m. "All this is positive for gold."Gold benefited this week as the dollar retreated from the highest level in more than a decade and investors sought a haven amid doubt that Trump will usher in an era of fiscal easing and rapid growth.Bullion plunged 13% last quarter...
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