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Government at work.
Hedge funds continue to liquidate their bullish gold bets and increase their short positioning as the Federal Reserve is expected to maintain its hawkish bias and keep interest rates elevated at aggressive levels for the foreseeable future.
The CFTC's disaggregated Commitments of Traders report for the week ending Aug. 22 showed money managers increased their speculative gross long positions in Comex gold futures by 8,061 contracts to 105,085. At the same time, short positions rose by 12,366 contracts to 95,976.
"Sharply higher petroleum complex prices over the last several weeks and spiking rates along the yield curve prompted specs to take on short exposure and liquidate longs. Concerns that gold may go through support to significantly lower levels near $1,840 was also a significant driver," said analysts at TD Securities.
...
While speculative interest in gold has fallen to neutral territory, the price has managed to hold critical support levels, and according to some analysts, this resilience in the marketplace could create conditions for a short squeeze.
In a recent interview with Kitco News, Christopher Vecchio, head of futures and forex at Tastylive.com, said he thinks the worst days for gold and silver could be over.
"You can't ignore the strength in gold and silver right now. It appears that the floor in the market has been raised. The market is not ready to run higher, but I expect we could trend around $1,900 for a while," he said.
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The gold market is seeing some buying momentum as the U.S. labor market shows signs of cooling.
Job openings, a measure of labor demand, dropped to 8.8 million on the last day of July, the Labor Department said in its monthly Job Openings and Labor Turnover Survey, or JOLTS report, on Tuesday.
According to consensus estimates, economists were looking for job openings to drop to 9.49. At the same time, June’s data was revised substantially lower to 9.16 million job openings.
The gold market has jumped above critical resistance at $1,950 an ounce in initial rection to the weaker-than-expected labor market data. ...
Gold prices continued their steep rise this morning as U.S. consumer optimism finally hit a wall in August.
The Conference Board announced on Tuesday that its consumer confidence index declined sharply to 106.1 in August, down from July's downwardly revised reading of 114. The data came in well below expectations, as economists were looking for only a slight decline to 116.
“Consumer confidence fell in August 2023, erasing back-to-back increases in June and July,” said Dana Peterson, Chief Economist at The Conference Board. “August’s disappointing headline number reflected dips in both the current conditions and expectations indexes. Write-in responses showed that consumers were once again preoccupied with rising prices in general, and for groceries and gasoline in particular.”
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BOOM!More:
Hedge funds remain bearish on gold, but a potential short squeeze is building
Kitco News' general-interest stories takes a look at what is making headlines in the marketplace and how that is impacting precious metals priceswww.kitco.com
2017's here as well.Just heard something that I find amazing and makes total sense. From my odd point of view anyway.
Can anyone find any larger FRN's that were printed AFTER 2017? I just checked my small emergency fund and nope.
Hmmmm, really silver should be shitting itself here but no, which tells us this is a bash gold to get silver operation.
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