Are fundamental factors positive for precious metals this year?
'' 'There's a profound lack of conviction in the direction of the economy,' said James Dunigan, chief investment officer at PNC Wealth Management in Philadelphia, which oversees $99 billion. 'So you have to choose your camp and stick to it. We're not in the double dip. If that's your case, you sort of have to hang on tight as we get through the periods when data doesn't look so good.'
Two-year Treasury yields as much as 4 basis points to a record low of 0.4882 percent. The central bank planned to purchase notes due from 2014 to 2016 tomorrow and debt due in 2016 to 2020 on Aug. 19, according to the Fed Bank of New York's website.
Gold futures for delivery in December climbed $9.60, or 0.8 percent, to $1,226.20 an ounce. Commodities demand from emerging markets and limited growth in supply will help to support raw- material prices toward the end of the year, Goldman Sachs Group Inc. said in a report.''