Jan. 26 (Bloomberg) — Gold investors were the most bullish ever in a Bloomberg News weekly survey, predicting gains as investors seek a haven from economic turmoil.
Twenty-eight of 31 traders, investors and analysts surveyed from Mumbai to Chicago on Jan. 22 and Jan. 23 advised buying the metal. Gold futures for February delivery jumped 6.7 percent last week to $895.80 an ounce in New York. Three survey respondents said to sell, and none were neutral. That’s the most bullish response since Bloomberg News began conducting the surveys in April 2004.
Gold climbed 5.5 percent in 2008, the eighth straight annual gain, as the Standard & Poor’s 500 Index fell 38 percent. The S&P index sank 2.1 percent last week, the third straight weekly decline. Some investors buy the precious metal as a store of value in times of financial turmoil.
– COMMODITIES-Gold shines at $900; oil and copper surge (Reuters)
– Nervous investors turn back to gold; price nears $900 (Los Angeles Times)
Traders surveyed on Jan. 15 and Jan. 16 correctly predicted gold’s advance last week. The survey has forecast prices accurately in 146 of 246 weeks, or 59 percent of the time.
Last week’s survey results: Bullish: 28 Bearish: 3 Neutral: 0
To contact the reporter on this story: Millie Munshi in New York at email@example.com
Last Updated: January 25, 2009 14:00 EST
By Millie Munshi