Credit Agricole Says Easy Money Shorting Gold Over on China
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Gold demand in China will be sustained as incomes expand in the largest consuming nation, supporting prices above $1,000 and extending bullion’s flow from west to east, said Credit Agricole SA’s private-banking unit.
“The market hasn’t quite fathomed the scale of annual Chinese buying just because of the wealth effect in China over the next coming years,” said Davis Hall, global head of foreign exchange and precious metals advisory. “I don’t think gold’s going to come back to $1,000, like many people are suggesting, because I’m seeing what’s happening in China.”