Mon, Oct 20, 2014
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Gold shines to $1,291 an ounce on hedge fund buying

Monday, July 15, 2013

Precy Dumlao, Opalesque Asia:

Heavy buying by hedge funds last week lifted the gold price to its highest level since October 2011 which finished in the spot market at $1,277.60 an ounce on Comex, various media reported. Spot gold is currently trading up 0.5% to $1291.

Proactive Investors cites data from the U.S. Commodity Futures Commission (CFTC) for July 9 that showed that futures market rose 5.4% last week and speculators increased their net-long positions over 4% to 35,691 futures and options on news that Federal Reserve’s chairman Ben Bernanke would pull back on the quantitative easing package.

The report adds that retail buying in China is also contributing to gold’s continued luster. As bullion fell to a 34-month low in June, buyers of the physical metal in bars, coins a jewellery jumped, the report said.

In related news, Oanda.com quoted Bernanke as saying that the U.S. needs "highly accommodative monetary policy for the foreseeable future."

"Bernanke’s comments put some positive feeling back into gold and into all commodities," Ouando.com quoted Dan Denbow, as saying. Denbow is a fund manager at the $1bn USAA Precious Metals & Minerals Fund which is based San Antonio.

Go......................

To view our full article Click here

Banner

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing


  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Opalesque Exclusive: What's next for trend followers?[more]

    Bailey McCann, Opalesque New York: New research out from Ibbotson touches on a key debate happening among investors and fund managers, specifically whether long term trend followers can survive in the new

  2. Commodities - Oil wreaking havoc on small-cap energy stocks sliding 36%[more]

    From Bloomberg.com: Owning almost anything in the U.S. stock market has been a losing proposition since September. Owning smaller energy companies has been a catastrophe. Hercules Offshore Inc. and Resolute Energy Corp. are among 19 oil-and-gas equities in the Russell 2000 Index that lost more than

  3. Investing - Hedge funds favor equity long/short, Strategic bond managers hedge against further high yield sell-off[more]

    Hedge funds favor equity long/short From Securitieslendingtimes.com: Equity long/short strategies will generate good returns for hedge funds in the future, according to a panel at this year’s Risk Management Association Conference on Securities Lending in Naples, Florida. Panellists Sand

  4. Legal - Ex-hedge fund analyst weeps as judge hands down 5 year sentence, Former Columbus investment manager Steven P. Moore indicted on theft charges, SEBI confirms ban for Hong Kong hedge fund, SEC announces enforcement action against compliance officer[more]

    Ex-hedge fund analyst weeps as judge hands down 5 year sentence From Hereisthecity.com: An ex-hedge fund analyst was sentenced to 5 years in prison for his role in insider-trading scheme. The New York Post reports that former hedge fund analyst Matthew Teeple was sentenced Thursday to fiv

  5. Sparx optimistic about outlook for Japan[more]

    Benedicte Gravrand, Opalesque Geneva: According to SPARX, there are causes to be optimistic about the outlook for the Japanese market and the country's economy in general. Sparx Asset Management is a Tokyo-based asset manager, part of