Daily Gains Letter’s Moe Zulfiqar reports on recent signs that gold prices will experience a rebound this year after a poor 2013 showing.
New York, United States – January 24, 2014 /MarketersMedia/ —
Daily Gains Letter (www.DailyGainsLetter.com), an e-letter published by Lombardi Publishing Corporation, a 28-year-old consumer publisher that has served over one million customers in 141 countries, announces that fundamental and technical indicators indicate a rebound in gold prices in 2014.
“With the price of gold bullion down significantly in 2013, many investors have left the precious metal for dead. That might be a big mistake,” says Moe Zulfiqar, Daily Gains Letter’s financial analyst. “Demand for gold bullion remains high, and the technical and fundamental indicators suggest a bottom in the price of gold is in the making.”
From a fundamental point of view, supply and demand, the basic factors of price, suggest that gold prices may be going higher. Demand is increasing, with Turkey importing 302.3 tons of gold bullion in 2013, more than double what it imported in 2012 and the highest amount since 1995. Pakistan is also seeing massive imports of gold bullion. To curb the inflow, the Economic Coordination Committee imposed a 30-day ban on gold bullion imports for the second time in less than a year. (Sources: Larkin, N., “Turkey’s Silver Imports Surge to Most Since 1999 as Prices Slide,” Bloomberg web site, January 2, 2014; http://www.bloomberg.com/news/2014-01-02/turkey-s-silver-imports-surge-to-most-since-1999-as-prices-slide.html; “ECC imposes 30-day ban on gold import,” The Nation web site, January 21, 2014; http://www.nation.com.pk/business/21-Jan-2014/ecc-imposes-30-day-ban-on-gold-import.)
“On top of that, the demand for gold bullion in India and China has been resilient. And with the Chinese New Year fast approaching—a time when gold bullion is given as a gift and for good luck—we should soon have a better idea of where gold is going this year,” Zulfiqar adds.
“From a technical point of view, gold prices have failed to break below the lows made in 2013. Every time gold prices reach those levels, investors rush in and take prices higher,” he concludes. “Taken together, I continue to see value in gold bullion producers. Some of the well-known, low-cost producers are selling for extremely low prices and are being wrongly punished by investors.”
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