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Gold Prices Could Tank Right Along With Stocks Next Week

Gold Prices Could Tank Right Along With Stocks Next Week

For the first time this year, there is a sharp divergence between Wall Street and Main Street.

 

The majority of traders and analysts who make up the Wall Street poll for Kitco look for the yellow metal to remain on the defensive next week, while Kitco readers who take part in an online poll look for gold to bounce. Previously, both camps were bullish in each poll so far in 2018.

Gold is heading for a loss on the week, falling sharply Friday after the U.S. Labor Department reported a stronger-than-forecast 200,000 rise in January non-farm payrolls. Further, the report showed wages continuing to rise, seen as a sign of building inflation. Hourly earnings increased 0.3% in January after a 0.4% rise in December. The data enabled the U.S. dollar to rise, thereby pressuring gold.

Seventeen market professionals took part in the Wall Street survey. Eleven, or 65%, called for gold to fall. There were three votes each, or 18%, calling for higher and sideways prices.

Meanwhile, 1,060 votes were cast in an online Main Street poll. A total of 676 voters, or 64%, looked for gold to climb next week. Another 238, or 22%, said lower, while 146, or 14%, were neutral.

For the trading week now winding down, 52% of Wall Street voters and 62% of Main Street voters were bullish.

Not counting the current week, Wall Street and Main Street are both 2-1 so far in 2018. For the year 2017, Main Street was right 31 of 50 times for a winning percentage of 62%.Wall Street forecasters collectively were right 30 of 51 times for 59%. (There were two weeks without a Main Street poll and one week without a Wall Street poll).

Continued: https://www.thestreet.com/story/14473998/1/gold-prices-might-plunge-like-stock-markets.html?puc=yahoo&cm_ven=YAHOO&yptr=yahoo