Gold Will Be Top Performer in 2012 - UBS Poll Of 8 Trillion USD Official Sector

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The yellow metal will be supported by speculation that central banks from major economies stand ready to take steps to stabilize financial markets by providing liquidity and preventing a credit squeeze if the outcome of Greek elections on Sunday causes tumultuous trading.

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There has been increased demand for gold and silver bullion in recent days and again today due to the high degree of risk associated with Greek's elections on Sunday which could lead to its exit from the euro

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This year's survey confirmed that reserve managers anticipate that the dollar will fall from its pedestal as the sole reserve currency within the next 25 years.

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the survey results from this year's Reserve Management Seminar, particularly on what reserve managers are thinking in terms of gold's role in their respective portfolios and corresponding allocations, suggests that official sector support is unlikely to continue in the same magnitude as seen in the last year.

However, UBS notes that the potential for new entrants should not be underestimated. After all, there are still a lot of countries, particularly among the emerging markets, that are very much under-invested in gold from a global perspective.