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Adam Sarhan Reuters Quote: Gold/S&P Ratio Rises to 1.6
“If we are going to enter another period of massive
economic slowdown, one would have to expect risk assets and the
S&P to underperform gold as well,” said Adam Sarhan, CEO of
Sarhan Capital, a consultant to institutional investors.
The anticipation of dire economic events, such as the
Standard & Poor’s downgrade on U.S. Treasury debt last Friday,
default by a euro zone country or problems in the European
banking sector, prompted investors to favor gold at the expense
of riskier assets.
“Right now, with the dollar and euro in trouble — people
are talking about the euro failing. If you have a ‘black swan’
type event with a major currency, people are going to flock
toward gold,” said Sarhan, using a term for a low-probability
economic shock that catches markets unprepared.MSN.com Gold Quote: Gold falls 2% to 3-week low
On charts, gold should find support at $US1,702, a recent low reached in late August, representing the “neckline” of a bearish double-top pattern after bullion failed to extend gains above $US1,900 an ounce twice in the past four weeks, said Adam Sarhan, CEO of New York-based Sarhan Capital.
“If we are not able to get above the all-time high, by definition the double top remains in place. In the short term, it’s definitely going to be technical pressure,” Sarhan said.
