March 16 (Bloomberg) -- Gold prices may rebound on demand for an alternative to currencies.
Twenty of 30 traders, investors and analysts surveyed from Tokyo to Chicago on March 12 and March 13 advised buying gold, which fell 1.3 percent last week to $930.10 an ounce in New York. Four said to sell, and six were neutral.
Investment in the SPDR Gold Trust, the biggest exchange- traded fund backed by bullion, has risen 33 percent this year, reaching a record 1,042 metric tons last week. Gold is up 5.2 percent in 2009 after gaining for eight consecutive years.
The metal’s decline last week surprised most traders surveyed on March 5 and March 6. The survey has forecast prices accurately in 150 of 253 weeks, or 59 percent of the time.
*People will be looking for a safer alternative. Don't let geography fool you into thinking that this is far from the Philippines. Remember that ours is an economy that relies heavily on the US Dollar.
