Arab Today, arab today deutsche bank upbeat on gold and corn but cautious on energy
Last Updated : GMT 02:22:08
Arab Today, arab today
Arab Today, arab today

Deutsche Bank upbeat on gold and corn, but cautious on energy

Arab Today, arab today

Arab Today, arab today Deutsche Bank upbeat on gold and corn, but cautious on energy

Beijing - Arabstoday

Gold prices should continue to rise as investors seek safety from risky currencies, and corn is also likely to be the best performer among commodities in the next three to six months, a senior asset manager with Deutsche Bank said. Theresa Gusman, global head of Deutsche Bank\'s RREEF Commodity Advisors who manages $4.5 billion (Dh16.53 billion) in assets, saw commodity prices over a 12-month period average 6 to 8 per cent above current levels, despite being cautious in the near term on industrial metals and energy-related products. \"We are in the midst of a bull market in commodities because supply is constrained and demand is coming from China, India and the Mideast — all these developing markets. The marginal consumer has become the United States.\" For the near term, her team was upbeat on gold as currencies such as the dollar, the euro and yen all face problems. \"We believe gold prices will continue to move higher. It continues to represent a safe haven in a period of paper currency debasement,\" Gusman said, adding that her department had a long-standing price target of the precious metal well above $2,000 per ounce. Corn prices would also head higher, supported by Chinese demand and inventories near record lows in the United States, she said. \"Because you\'re not going to stop eating if corn goes above $7 and corn tends to be such a small portion in producing processed food,\" she added, referring to the animal feed used to make processed meat or eggs. But the sluggish housing market in the US and fears that the world\'s largest economy is probably heading into a recession are weighing on copper, which is more sensitive to the economic outlook, said Gusman, who has managed DB\'s commodity assets since 2004.  

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