Advisor confidence in gold and oil remains high for the first quarter of 2009, according to a new survey released by BetaPro Management Inc.
The survey asked 400 Canadian investment advisors on how the market would perform for the quarter.
69% said they were bullish on global gold companies, which is consistent with the last eight consecutive quarters of the survey.
Investment advisors also gave crude oil a brighter outlook: 66% were bullish, a 15% increase compared to the fourth quarter 2008 outlook. Crude witnessed a 58% price plunge in the 2008 fourth quarter.
Positive outlooks however dimmed for bonds. The expected commodity rebound makes them a less attractive option according to the report, leaving 50% of advisors with bearish sentiments on the bond market.
Investment advisors surveyed put strong faith in the Canadian dollar. Due to the continuing sluggish performance of the U.S. economy, the report says two-thirds believe the Canadian dollar will appreciate against the U.S. dollar.
Overall outlooks on the U.S. and emerging markets remained bearish, as did sentiment for financials.
The Q1 2009 Advisor Sentiment Survey measures investment advisor sentiments on 14 key benchmarks that cover equities, bonds, currency and commodities.