Kitco News released its weekly Gold Survey today, 7/19/13, and the majority of participants see gold prices up for the week of July 22, 2013. This week’s survey received responses from 19 experts, including bullion dealers, investment banks, futures traders, technical analysts, and money managers. 11 of the 19 responders see gold prices up in the coming week, with six anticipating lower prices, and two predicting no significant changes.
The bullish responders state that “fundamental factors remain supportive for gold.” Physical supply is down, while the demand in large gold-buying areas like China and India remains “very strong.” The bearish participants view gold’s inability to move above $1,300 in the August Comex futures as a sign pointing towards continuing declines.
Kitco News started doing these surveys in 2011 and, since its inception, participants have been right 44.6% of the time. The experts were batting .500 until November 23, 2012, which, according to Kitco, suggests a change in the trend for gold.