热门标签

新2线上开户(www.hg108.vip):Insight - Funds are turning sour on gold, unexpectedly

时间:1个月前   阅读:5   评论:1

新2网址最新登录www.99cx.vip)实时更新发布最新最快最有效的新2最新登录网址,包括新2手机网址,新2备用网址,皇冠最新网址,新2足球网址,新2网址大全。

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.

,

新2线上开户www.hg108.vip)是一个开放皇冠正网即时比分、新2线上开户的平台。新2线上开户平台(www.hg108.vip)提供最新皇冠登录,皇冠APP下载包含新皇冠体育代理、会员APP。

,

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

上一篇:新2备用网址(www.hg108.vip):Droupadi Murmu sworn in as India\u2019s first tribal president

下一篇:免费足球预测(www.hgbbs.vip):Malaysia signs 2 international space agreements

网友评论