Globe said Gold to Rally
P/wire say Kinross, others hear gold set to rally
2016-05-12 08:17 ET - In the News
Also In the News (C-ELD) Eldorado Gold Corp
Also In the News (C-G) Goldcorp Inc (2)
The Financial Post reports in its Thursday edition that billionaire hedge fund manager Paul Singer says gold's best quarter in 30 years is probably just the beginning of a rebound as global investors -- including billionaire investor Stan Druckenmiller -- weigh the ramifications of unprecedented monetary easing on inflation. A Bloomberg dispatch to the Post reports that Mr. Singer said in April: "It makes a great deal of sense to own gold. Other investors may be finally starting to agree. ... Investors have increasingly started processing the fact that the world's central bankers are completely focused on debasing their currencies." Gold for immediate delivery rallied 16 per cent in the first three months of the year, the biggest quarterly surge since 1986, as the Federal Reserve refrained from tightening, and central banks in Europe and Japan pressed on with negative interest rates. Mr. Druckenmiller said last week gold is his largest currency allocation and the bull market in stocks was exhausted. His outlook contrasts with the view from Goldman Sachs Group. While Goldman revised its bullion forecasts higher in a May 10 note, its commodity group still expects weaker gold prices over the next 12 months.