Gold gains to near highest since 2013, bulls ‘back in control’
Bloomberg/Ranjeetha Pakiam, Rupert Rowling and Justina Vasquez/6-23-2019
“Two key data points on Friday suggest speculators are adding plenty of cash to the rally, which could drive prices even higher. Gold has now stormed past $1,400 an ounce, and is poised for the highest close since August 2013. SPDR Gold Shares, the largest exchange-traded fund backed by a commodity, attracted almost $1.6 billion on Friday, the most since its inception in 2004. CFTC Positioning: Hedge funds and other large speculators boosted their net long positions in U.S. gold futures and options to the highest since February 2018.”
USAGOLD note: We have been tracking both of those data points regularly here at USAGOLD for quite some time. We would mention once again that there is considerable capital sloshing around the financial markets looking for a home with safe-havens heading the list of destinations. The rise in gold, thus far, has been rapid as a result and there has not been a whole lot of looking back thus far in the transition.