43c - the chinese will be laughing...., page-16

here is an article i was sent via email i love the quote ?So long as Bernanke is in charge, the dollar is going down and gold is going up,? said Adrian Day, president of Adrian Day Asset Management in Annapolis, Maryland.

Link: http://www.bloomberg.com/news/2011-04-28/gold-may-extend-gains-from-record-on-declining-value-of-dollar.html

Gold May Extend Gains From Record on Declining Value of Dollar
By Maria Kolesnikova - Apr 29, 2011 7:01 AM GMT+0800

Gold may extend gains from a record as the declining value of the dollar prompts more demand for the metal as an alternative investment, a survey found.

Eighteen of 21 traders, investors and analysts surveyed by Bloomberg, or 86 percent, said bullion will rise next week. Three predicted lower prices. Gold for June delivery was up 1.8 percent for this week at $1,530.60 an ounce by 12:59 p.m. yesterday on the Comex in New York after climbing to a record $1,538.80 earlier in the day.

Assets in the SPDR Gold Trust, the biggest exchange-traded fund in gold, are up 1.5 percent this month, heading for the biggest monthly gain since August. The dollar fell to the lowest since December 2009 against the euro yesterday after the Federal Reserve kept borrowing costs at a record low. There will likely be no tightening of policy ?for a couple of meetings,? Fed Chairman Ben Bernanke said in a press conference on April 27.

?So long as Bernanke is in charge, the dollar is going down and gold is going up,? said Adrian Day, president of Adrian Day Asset Management in Annapolis, Maryland.

The attached chart tracks the results of the Bloomberg survey, with the red bars derived by subtracting bearish forecasts from bullish estimates. Readings below zero signal that most respondents expect a decline. The green line shows the gold price. The data are as of April 22.

The weekly gold survey started almost seven years ago and has forecast prices accurately in 207 of 360 weeks, or 58 percent of the time.

This week?s survey results: Bullish: 18 Bearish: 3 Neutral: 0