Gold traders are the most bullish in a month as Europe's deepening debt crisis and increasing tensions over Iran drove the metal to its longest winning streak since October, Bloomberg reported. Ten of 22 surveyed by Bloomberg expect the metal to gain next week and five were neutral, the highest proportion since Dec. 9. The U.S. Mint sold 45,500 ounces of American Eagle gold coins this month, compared with 65,500 ounces in the whole of December and 41,000 in November, data on its website showed. Britain and France will press the European Union to stop Iranian crude imports at a Jan. 30 meeting, in response to the country's nuclear program. Iran is threatening to retaliate by blocking the Strait of Hormuz, a key chokepoint for global oil supplies. Greek Prime Minister Lucas Papademos warned his nation may face economic collapse as soon as March. Investors are holding a near-record amount of gold through exchange-traded products after the metal rose for an 11th consecutive year. Bullion rose 10% last year, beating the 1.2% decline in the Standard & Poor's GSCI Total Return Index of 24 commodities and the 9.4% retreat in the MSCI All-Country World Index of equities. Treasuries returned 9.8% last year, a Bank of America Corp. index shows. The metal, which traded at US$1,619.87 an ounce at 1.40 p.m. in London, fell almost 19% from its record closing price of US$1,900.23 on Sept. 5 through Dec. 29, within 1 percentage point of the common definition of a bear market. Gold rallied 5% in five days ended yesterday, the longest run of gains since October. Traders also anticipate advances in raw sugar, corn and soybeans next week. Copper may decline, the surveys showed. Holdings in bullion-backed ETPS reached 2,355.3 metric tons on Jan. 4, within 2 percent of the all-time high set Dec. 13, data compiled by Bloomberg show. The hoard, valued at US$121.7 billion, exceeds the reserves of all but four central banks.

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