60c : its time to run, page-10

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www.ozequities.com.au

Still underlying fundamental demand for gold ..
Joseph Palmer & Sons manager private client service Allan J Furlong in "The MONEY TREE" cover dated May 26 remains bullish on gold said that while the price of gold may have spiked on hedge fund buuying, there is still underlying, fundamental demand for gold investment as an alternative to US Treasury bonds - particularly for the Forex Reserves of the BRIC nations (Brazil, Russia, India and China).
The broker said combining this with the massive inflow of Petrodollars form the Middle East, the emerging threat of inflation in the US and the US Federal Reserves continued bias towards interest rate rises "and it becomes easier to accept there is a genuine shift from investment in fiat currencies such as the USD".
Allan also quotes Doug Casey of Casey Research in the US who said, "a market trend, even an unstoppable one - which is how I view the current metals bull market - is still going to periodically correct. Get used to it".
Allan's key picks among the golds includes Newcrest, Oceana Gold, St Barbara, Perseverance, BMA Gold as "buys".