066 tonnes last year it should identify 4

The period is difficult for the gold. After be après être au-dessus un 2 août en séance, le est populaire des 650 être revenu au-dessus 2août des 650 dollars revenu un en above a 2 August at the meeting, is popular with 650 be income au-dessus 650 dollars l' oncele 2 août en séance des 650 dollars income un au-dessus 650 dollars l' oncele 2 en en is populaire these days.

This movement even brought it, Friday at the meeting, under the 610 dollars an ounce, 607,20 $. The multiplication of the stalls is made on a background of fears that purchases of jewellers and speculators do to straighten not in the fourth quarter despite the approach of the period traditionally good year-end celebrations. In the aftermath, have Lynch economists have reduced Friday their forecasts of average prices in 2006, brought back to 625 dollars an ounce, against $ 650 to date. They come close so the anticipation of the consensus of experts, namely $ an ounce. The American broker experts predict an application for withdrawal jewellery manufacturers and the appearance on the market of increasing amounts of gold recovery "in response to high prices." Including the revision of Merrill Lynch was inspired by the latest report of the World Council of gold ("Les Echos" from August 21) by State, for the second quarter, a sensitive drop of the overall physical demand for gold expressed in volume (16 relatively to the first quarter ) and drop most pronounced for the issue part of industry jeweller ( 24).

Merrill Lynch does however not lose confidence in the evolution of the price of gold in 2007, confirming its estimate average course to 675 dollars an ounce. Among positive factors, its economists refer to the restoration of a direct correlation between gold and parity entering and the heavy reliance of the gold to the crude oil prices, calculated to 80.8 to date. "This reflects the perception of a growing inflation because of the expensive black gold", do they feel.

"A good coverage.

Thus, according to them, "the yellow metal is considered by investors as a good cover against inflation". However, immediate very close proximity relations restored by gold with parity entering and oil affect its price due to the recovery of the dollar and the decline in crude oil around 67 dollars per barrel in New York.

In any event, the optimism which are long-term specialists in Merrill Lynch is shared by John Reade, analyst at UBS. He currently advises to shop of long positions as long as prices remain depressed. For this bet is winning, he must nonetheless that "contemplated the American currency weakness materializes", temper it. In the meantime, the margin of decline in the prices of the precious metal is contained by a package that gives no signs of vitality. After 4.066 tonnes last year, it should identify 4.057 tonnes this year from Merrill Lynch, and 4.002 tonnes next year.

Mining production rises in little significant proportions: 1.5 expected in 2006, 2.557 tonnes. Sales of stocks of the banks, they should blend of 40 in 2006, 400 tonnes, ensures Merrill Lynch. "With a bull market, vendor drop pressure." Sales are now seen as dear to the leaders of institutes of emission. "The Bank of England has recently placed on the market most of its gold at a lower price than half price", summarizes Jon Bergtheil at JP Morgan.