Kitco News' general-interest stories takes a look at what is making headlines in the marketplace and how that is impacting precious metals prices
- The gold market continues to go nowhere in a hurry as hedge funds maintain relatively neutral positioning in the precious metal ahead of last week’s U.S. monetary policy decision, according to the latest data from the Commodity Futures Trading Commission.
"The bulk of the buying was driven by short covering as funds cut bearish bets ahead of FOMC and despite an ongoing rise in bond yields and the dollar trading near a six-month high," said Ole Hansen, head of commodity strategy at Saxo Bank. "Gold speculators added back length and covered shorts heading into the FOMC. However, Chair Powell delivered a hawkish surprise, reiterating the"higher for longer" narrative that has been the worst fear for the gold bugs. This has since prompted CTAs to notably shed their length and add a net short position. Looking forward, the economic data will be instrumental in determining the yellow metal's direction," said commodity analysts at TD Securities.
"All major governments & central banks are huge deficit spenders funded by massive money printing . [There] are no"clean shirts" vs. gold," said Fred Hickey, creator of The High-Tech Strategist investment newsletter, in a social media post.
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