Gold saw a 0.19% increase on Wednesday settling at 1721.60. “We should see some favorable activity in gold as people adjust their positions in relation to the election results” she added. “Many of the senior-level brokers in the Accredited FX offices are calling for gold to reach $2000 during the first half of 2013.”
Since monetary policy is set by the Federal Reserve as opposed to the president or legal representatives, we can likely see President Obama to support another term for Fed Chairman, Ben Bernanke whose policies are in line with an expected bullish gold market. This should mean that we will see gold rise rapidly between now and the second quarter of 2013.
Read what Tom Evers, another senior member of the team at Accredited FX has to say about gold and how it will be affected by Basel III here: http://www.prlog.org/
Disclosure: Christina Brink, Tom Evers and Accredited FX are holding multiple open positions in gold with various expiry dates and strike prices.
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