Erste Bank analysts are recommending investors to bet on gold, because the precious metal is increasing its value,because of a structural deficit between offer and demand, it is shown in a report issued by the bank.
The bank's specialists remind that gold surpassed the uninominal record of all times - 850 dollars per ounce reached in 1980, to the value of 1.034 dollars per ounce on March 17 of this year.
"The actual gold rush is based on more factors: one of the most important is the decreasing confidence in the US economy. The chronically weakening of the dollar, credit crisis, started in America and the reasons of concern referring to the strong growth of the inflation and the explosive increase of the monetary mass determined foreign investors to feel unsure and to fuel billions in their precious metals accounts", said Peter Stoferle, analyst of the capital international markets, at Erste Bank. At all these are added the increasing demand in jewelry from India and the Middle East, dropping volumes sold by the central banks and the continuous drop of the gold production.
"The difference between offer and demand can't be compensated by price increases", it is showed in the report. The annual demand of gold is of approximately 3.600 tons, but the production nearly reaches 2.450 tons. The difference is compensated by the sales of the central banks and recycling - the so called "gold rejects". In the Erste report it is signaled another trend: after many years, the stock exchanges are surpassing the performances of the capital markets, because of the turbulences from the stock market.
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