Gold reached record values consecutively last week
With gold reaching many consecutive price records, the current investor situation is as follows :
Net-short exposure to yen futures rose to a 16-year high among large speculators
Large speculators increased long gold exposure by 15.7% (+10.1k contracts) and reduced shorts by -7.1% (-8.4k contracts), whereas asset managers are on the cusp of flipping to net-long exposure for the first time in nearly five months
I noted the divergence between asset managers and large speculators regarding net exposure, and with the US dollar rising it seems that asset managers were on the right side of the move. The US dollar benefitted from hot CPI, Fed members pushing back on rate cuts and safe-haven flows from Middle East tensions.
Asset managers decreased short exposure to gold by -9.4% (-7k contracts) and increased longs by 1.1% (+703 contracts), whereas large speculators increased long gold exposure by 15.7% (+10.1k contracts) and reduced shorts by -7.1% (-8.4k contracts).
And that means gold remains on the ‘buy the dip’ watchlist, even if dips may be shallow.
Net-short exposure to yen futures rose to a 16-year high among large speculators
Large speculators increased long gold exposure by 15.7% (+10.1k contracts) and reduced shorts by -7.1% (-8.4k contracts), whereas asset managers are on the cusp of flipping to net-long exposure for the first time in nearly five months
I noted the divergence between asset managers and large speculators regarding net exposure, and with the US dollar rising it seems that asset managers were on the right side of the move. The US dollar benefitted from hot CPI, Fed members pushing back on rate cuts and safe-haven flows from Middle East tensions.
Asset managers decreased short exposure to gold by -9.4% (-7k contracts) and increased longs by 1.1% (+703 contracts), whereas large speculators increased long gold exposure by 15.7% (+10.1k contracts) and reduced shorts by -7.1% (-8.4k contracts).
And that means gold remains on the ‘buy the dip’ watchlist, even if dips may be shallow.
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