Gold Push Unlikely to Be Scrapped

The Swiss bank UBS said that gold will be the only precious metal with a supply deficit this year. This is the first time that demand is greater than inventory since 2008.

JULY 20, 2011
BY RHIANNON HOYLE
Wall Street Journal

Fiscal troubles in both Europe and the U.S. may have spurred gold to record highs this week, but the warm embrace of the precious metal appears to be the result of more than one set of incentives.

Swiss bank UBS said that gold, which cracked the $1,600 a troy ounce mark on Monday, will be the only precious metal with a supply deficit this year, as demand outstrips inventory for the first time since 2008.

The bank's analysts say that a decline in scrap gold—gold that is returned to the market in the form of jewelry, electronics, gold teeth and ...

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