Gold Top Pick at Morgan Stanley as Europe Debt Spurs Demand
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Gold will lead a rally in commodities in 2012 as Europe’s sovereign-debt crisis continues to roil financial markets, spurring demand for the metal as a haven asset, according to Morgan Stanley.
“There’s a very strong chance that gold will re-challenge successfully the all-time high,” said Peter Richardson, chief metals economist at Morgan Stanley Australia Ltd., who has studied the metals markets for more than two decades. Bullion may climb to a record $2,200 an ounce in the first half, he said in an interview. He also backed copper.