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Bank of Nova Scotia
Symbol BNS
Shares Issued 1,217,199,616
Close 2014-10-17 C$ 67.31
Market Cap C$ 81,929,706,153
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Globe says Scotiabank's Mohr sees scant upside in gold

2014-10-20 09:06 ET - In the News

The Globe and Mail reports in its Saturday, Oct. 18, edition that no discussion of safe havens is complete without a mention of gold. The Globe's Satish Sarangarajan writes that anyone who was invested in the yellow metal these past few years has likely lost a good amount of coin. Given the intense selling pressure elsewhere, however, bullion prices could move up for the short term, as they did last week, rising to a one-month high. That move, however, is more an aberration and less an emerging trend, analysts say, as the increase will likely come up against a tightening monetary stance from the United States Federal Reserve and a stronger U.S. dollar, which will likely offset any safe-haven inflows. Gold prices hit a low of $1,180 in June, 2013, when Fed Chairman Ben Bernanke announced the decision to taper bond repurchases. The metal retested the low in December, and again recently this year. Bank of Nova Scotia commodity market expert Patricia Mohr says: "We've seen the low, which may well hold. But I don't see a lot of upside potential from where we are now."

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