After coming in second behind the U.S. dollar for 2014, the gold market is bracing for another year and wondering whether this one will be just like the last. There was much turmoil in the last year, from the gold fix to the Swiss referendum to the end of Indian import restrictions. but some analysts are already predicting a non-eventful 12 months.
“All in all, it sounds like the gold market is in for a fairly quiet 2015,” concludes one gold analyst. “And after the turmoil of the last couple of years, maybe that’s a good thing.”
And yet, even as these predictions were made, turmoil is exactly what has been broiling in Greece the last few days.
Archer Financial Services senior market strategist Adam Klopfenstein told Bloomberg:
“The turmoil in Greece and the weakness in equities is bringing some investors to gold. We are seeing a rise in the haven premium of gold.”
Or as one U.S. metals trader told Bullion Desk: “Greece is back on the front page of the newspapers – time to buy gold,” noting that the yellow-metal climbed over $1,900 per ounce during the height of the eurozone credit crisis in 2011.
Could this mean 2015 shaping up to be just as much of a rollercoaster for gold as last year?
Photo courtesy of goldinvestingnews.com