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Bulls Make Themselves Known in Recent Gold & Silver Price Survey

A recent survey by Kitco News found that many investors foresee higher gold and silver prices next week. The survey did not reveal participants’ thoughts on what could happen to gold and silver prices in the long-term, though many investment banks have recently raised gold and silver price forecasts for the end of 2014 and beyond.

Kitco reports that 18 of 27 individuals surveyed predicted growth of the gold spot price in the coming week. One-fourth of the participants believe the gold spot price will be lower in seven days than it is today, and three respondents believe gold will continue to trade in the $1305-$1315 range. For what it’s worth, the participants in last week’s survey overwhelmingly believed in increasing gold prices, but gold ended up falling about $6 per ounce last week.

Some gold and silver market analysts have cited the unrest in Ukraine, Syria and Israel as reasons for gold to rise, while others based their bullish bets on technical factors. “Gold has room to run if it can get through $1,322,” said Colin Cieszynski, senior market strategist at CMC Markets. “On the fundamental side, Europe’s economy [is] weak and sanctions [are] not helping. [That] means growing pressure on [the] European Central Bank to do even more stimulus, which boosted gold in the past.” With the current gold spot price above $1300 an ounce, Cieszynsk believes the momentum of technical charts is turning favorable for gold and silver.

Of course, some analysts believe that gold and silver have been oversold based on fear. ForexLive.com analyst Adam Button believes that saber-rattling has driven gold and silver prices too high. “The fear trade is overdone. Fear about Russian aggression has driven the recent gold gains, but those worries are misplaced. Gold will fade along with those concerns.”

No one can say for sure what will happen to gold and silver prices next, but you can stay up-to-date on what to look for in 2015 with GoldSilver.org’s latest edition of The Insider’s Guide to Gold & Silver Investing, available below or by calling 800-394-3337 toll-free.

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