From Futuresmag: “…Speculators reduced their bets on rising
commodities prices by 15% in the week ending Feb. 12, the largest weekly
reduction since mid-November. In particular, the net long combined gold
speculators' positions calculated by Bloomberg tumbled 11% for the week,
reaching a six-month low at 128,581 contracts. Better retail sales and consumer
confidence in the U.S. have led to poorer gold sentiments because of traders'
concerns of an earlier termination of the "QE infinity" in 2013. The
market will scrutinize the minutes of the January FOMC meeting to be released
on Feb. 20 for the timing and conditions for halting the QE programs. However,
the cleaner positioning can prepare the stage for a gold price rebound. The
gold-backed ETP holdings were 2,602.3 tons last week, about 1.1% below the peak
reached on Dec. 20…”
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