Financeroll ~ The hedge fund raise the stakes on the gold rally was to the highest level before U.S. payrolls data out who pushed gold back hit the biggest retreat since April. Speculators raised their net-long position of futures and options on 4 June by 19% to 57,113, the data the U.S. Commodity Futures Trading Commission showed, ownership jumped 60% in two weeks. Holdings in gold products traded on the exchange fell 19% to its lowest level since early January as some investors lost confidence in gold as a store of value and as equities rose and inflation failed to accelerate. As payrolls data has dashed hopes for a short-term rise in gold. There is good news for the economy but not so good for gold. The debate about when the Fed will taper program or keep pressing the stimulus ends the movement of gold. Gold futures fell 2.3% yesterday Friday, the biggest since when metal capped two days of sending it to the market is bearish. Bullion rose 1.6% during the four days before a report today from the U.S., before ending the week down 0.7% at $ 1,383 per ounce. Gold traded at $ 1,385.80. Index S & P GSCI spot of 24 commodities rose 2.5% last week, while the MSCI All-Country World of equities fell 0.4%. Treasuries lost 0.1%, Bank of America Corp. index shows. Bullion fell 17% since the end of December, the total value of investments in gold fell to its lowest level since 2010 and the assets declined 31% this year to $ 222 billion in losses and dilution. Withdrawal global gold ETPs help erase $ 46.7 billion of assets in 2013, erasing gains of the previous two years. Assets managed commodities fell to $ 385 billion in April from $ 412.milyar in March, data from Barclays Plc said yesterday. Gold could fall to $ 1,000 in 2015, according to professor of economics and international business at New York University. Investors withdrew $ 1.23 billion gold funds ended June 5. Number of commodity flows out of the fund was $ 1.68 billion, according to EPFR. @ RJs fxinterpan
Posted on: Mon, 10 Jun 2013 06:40:29 +0000
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