Australia's leading Economists predictions for 2013 and beyond!
Chief Economists from NAB, CBA, ANZ, AMP, TD Securities and Standard & Poors met over breakfast in Sydney yesterday.... Some interesting views on the state of the global and Australian economies!
Key Predictions:
- Australia will continue to perform well on the global stage with predictions for the Aussie $ being between US$0.86c and US$0.95c over the next 12 months.
- Average prediction for the ASX200 is 5250 by the end of the year (finished at 5196 yesterday).
- Demand for Commodities will continue to be strong for the next 5 to 10 years.
- Capital investment in the Commodities sector has slowed and will be volatile in the future. Impact likely to be rising unemployment.
- Chinese economy in good shape with average growth now at 7.6% pa. Political landscape is positive and will support continued prosperity.
- China's continuing demand for resources plus an Aussie $ at less than US$0.90c is very good for the Australian economy. Chinese growth of 7%+ will continue to be good for Australia.
- Opinions divided on Tax reform. Don't be surprised to see GST at 12.5% before too long.
- USA growth has slowed in the last 3 months (expecting 1.7% real growth for 2013). Predicted 'tappering' has already been factored in.
- Euro sector is on the improve.
- Emerging world not so good. India, Brazil and Indonesia have major issues to be dealt with.
What does this mean for Gold?
The big driver continues to be the growth of China and their increasing appetite to buy Gold. This will continue with increasing demand for physical Gold pushing the price up over time.
Global economies, specifically USA and Europe are still somewhat on a knife-edge. A small downturn in confidence within financial markets or a 'flight to safety' event, such as an explosive event in the Middle East, would return the Western focus back to buying Gold.
Buying Gold in Australia where the Aussie $ may continue to be under pressure provides a hedge against the currency.
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DISCLAIMER: Australia Mint Bullion & Coin does not provide financial advice and does not employ financial advisors. Any opinions expressed within news articles or market updates are not intended as recommendations. If you are looking for investment advice, please seek independent, specific advice regarding your personal financial situation from a qualified professional.
