Debbie Carlson
Kitco News
September 4, 2011
(Kitco News) – Renewed worries in Europe over Greek debt and a lack of job growth in August in the U.S. are just two of the reasons market watchers expect gold to post price gains next week.
The most-active December gold contract on the Comex division of the New York Mercantile Exchange settled at $1,876.90, up 4.4% on the week. December silver settled at $43.069, up 5% on the week.
- A d v e r t i s e m e n t
- {openx:49}
In the Kitco News Gold Survey, out of 34 participants, 25 responded this week. Of those 25 participants, 20 see prices up, while two see prices down, and three see prices sideways or unchanged. Market participants include bullion dealers, investment banks, futures traders and technical chart analysts.
More concerns for Europe surfaced Friday when talks were tabled between Greece’s government and the entities bailing it out – the European Union, the International Monetary Fund and the European Central Bank — adding more fears of a potential default. Greece’s finance minister said the talks between Greece and the “troika” would resume in mid-September. News reports said the discussions were halted over arguments regarding Greece’s ability to meet deficit targets.
MarketWatch reported that a joint statement between the European Commission, the IMF and the European Central Bank said their mission team had made “good progress” in their fifth review of Greece’s compliance with the bailout. On a side note, yields for Italian and Spanish debt rose Friday, signaling more market concerns over those countries’ fiscal health.
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