MN: Gold investors grow cautious after blistering rally
At times in the past decade, gold has looked like a one-way bet. The price of the yellow metal has risen every year since 2001, averaging a cool 18 per cent annual gain.
This year, however, the status quo is being challenged. Bank analysts, ordinarily a bullish crowd, are tempering their calls for record prices with a note of caution: 2011, according to an emerging consensus, may be the year when bullion prices peak.
That expectation is based on the view that the economic recovery in the US will start to gather steam, forcing the Federal Reserve to tighten policy and making yields on bonds and equities more attractive.
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