Sun, Oct 23, 2016
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, 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," quoted Dan Denbow, as saying. Denbow is a fund manager at the $1bn USAA Precious Metals & Minerals Fund which is based San Antonio.


To view our full article Click here

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. M&A - U.S. hedge fund HarbourVest is shock winner in the £1.1bn SVG Capital takeover saga, Hedge fund Parvus shows hand, toppling William Hill merger deal[more]

    U.S. hedge fund HarbourVest is shock winner in the £1.1bn SVG Capital takeover saga From The fierce battle to buy Britain's biggest private equity group has come to an unexpected conclusion, with the original bidder walking away with the prize. SVG Capital has agreed

  2. Marc Lasry: Energy is still a phenomenal opportunity[more]

    From Distressed debt specialist Marc Lasry said energy debt is still a "phenomenal opportunity" because investors can get "massively overpaid" for the risk they take on. There are "huge opportunities" in the energy sector especially in restructurings, the Avenue Capital Group CEO said Tues

  3. Opalesque Exclusive: Ex-SAC manager re-emerges with market neutral hedge fund[more]

    Benedicte Gravrand, Opalesque Geneva for New Managers: A manager re-emerged from the SAC battleground last year to launch his own hedge fund under the umbrella of New York-based investment firm Endicott Group.

  4. North America - Hedge-fund manager Kyle Bass says the U.S. is on track for stagflation, Billionaire hedge fund titans Dinan, Lasry on election, markets and best investment ideas[more]

    Hedge-fund manager Kyle Bass says the U.S. is on track for stagflation From Kyle Bass, founder of Hayman Capital Management, on Wednesday warned that the U.S. is headed toward so-called stagflation. Stagflation is typically described as persistently high inflation and hi

  5. Macro hedge funds up 3.3% in one week on Fed and Brexit pays off[more]

    Komfie Manalo, Opalesque Asia: Hedge funds were boosted by the strong performance of global macro funds, with the Lyxor Global Macro Index gaining 3.3% as of the week ending Oct. 11 (-1.7% YTD), Lyxor Asset Management reported. Their short on the p