皇冠体育寻求亚洲战略合作伙伴,皇冠代理招募中,皇冠平台开放会员注册、充值、提现、电脑版下载、APP下载。

首页社会正文

Allbet代理(www.aLLbet8.vip):Insight - Funds are turning sour on gold, unexpectedly

admin2022-09-167

皇冠球网www.hg108.vip)是皇冠体育官网线上直营平台。皇冠球网面向亚太地区招募代理,开放皇冠球网代理申请、皇冠球网代理会员开户等业务。皇冠球网可下载皇冠球网APP,皇冠球网APP包括皇冠体育最新代理登录线路、皇冠体育最新会员登录线路。

Gold itself has risen 3.9% over the past three weeks, its best run since the eve of Moscow’s war in February – behaving much as you’d expect. The funds aren’t buying it.

GOLD, according to financial markets lore, is a pretty simple beast.

For all its complexities, at bottom what it likes is a weak dollar, turmoil, and lower interest rates.

Falls in the greenback mathematically raise the price of dollar-denominated commodities.

Turmoil makes investors head for safe-haven assets, of which gold is by far the most long-standing.

Lower rates reduce the appeal of its main competitor as a haven, yield-producing government debt.

That makes the activity of money managers of late rather mystifying.

Animal spirits appear to be returning to financial markets, paring back interest rates and dollar strength, while US House Speaker Nancy Pelosi’s visit to Taiwan is threatening to spark the biggest geopolitical crisis since Russia’s invasion of Ukraine.

Gold itself has risen 3.9% over the past three weeks, its best run since the eve of Moscow’s war in February – behaving much as you’d expect.

The funds aren’t buying it.

In data going back to 2006, money managers have almost always had a net long position in Chicago-traded gold futures and options, with more of them betting prices will rise than fall.

In just 37 weeks out of 841 has the group been counting on gold weakness – but that’s what’s been happening in recent weeks.

,

Allbet代理www.aLLbet8.vip)是欧博集团的官方网站。欧博官网开放Allbet注册、Allbe代理、Allbet电脑客户端、Allbet手机版下载等业务。

,

As of July 26, their net positioning was short by 10,474 contracts, before bouncing back to a narrow long of 27,899 contracts last Tuesday.

Net short positions have only cropped up on a handful of occasions toward the end of 2015 and 2018 (and, very briefly, at the start of 2016 and 2019)

Short of cash

Investment funds have taken out a rare net short position in Chicago gold futures and options.

One possible explanation could be that more and more of the gambling money in gold markets is headed into private hands.

There’s another group of investors from whom the US Commodity Futures Trading Commission collects data, known as “other reportables.”

Like money managers, they’re making macro bets on gold rather than in the physical metal business or trading the spreads between bid and ask prices.

Unlike them, they’re wagering their own money, as family offices, in-house hedge funds, or affluent private clients.

They’re almost always on the long side of the trade, and in the past two years they’ve risen to take on a larger share of long positions than conventional managed money funds.

ETF investors

The gross long gold position held by “other reportables” traders – mostly funds managing their own money – is now larger than that of conventional funds managing other people’s investments

网友评论

1条评论
  • 2022-09-16 00:13:17

    On Bank Negara’s move to raise the overnight policy rate by 25 basis points (bps) to 2.25% last week, MIDF Research said it expects another 25 bps hike in the second half of 2022 on the back of stronger-than-expected domestic demand.在家宅着,很精彩