Tue, Jul 29, 2014
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Gold prices rise to highest level since 2011

Monday, July 22, 2013

Precy Dumlao, Opalesque Asia:

Gold prices jumped to their highest level since 2011 as hedge funds and speculators raised their net long positions by 56% to 55,535 futures and options last week, according to data from the Commodity Futures Trading Commission (CFTC), Bloomberg reports today. And short contracts fell the most since November.

Bets are growing for a rebound in gold after its price tumbled 23% in the second quarter, says Reuters, as speculators raised their net long position in U.S. gold futures for a third straight week, adding 19,844 lots to reach a total of 55,535 contracts.

Bloomberg quotes Michael Cuggino, who manages San Francisco-based $12bn Permanent Portfolio Family of Funds Inc. as saying, "We are seeing some support for gold as Bernanke’s statements tell us that the Fed wants to see a visible improvement in economic conditions before they begin tapering. The longer-term reasons for owning gold, like capital preservation, remain as easy money will continue to flow into the system."

The report says gold prices rose by 6.7% over the past two weeks, the highest gain since November 2011. Futures gained 1.3% to $1,294 an ounce on the Comex last week, and today rose up by 2.4% to $1,325, the ......................

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. Opalesque Roundtable: Success in hedge fund marketing not linked to performance, but investor appetite[more]

    Komfie Manalo, Opalesque Asia: Success in marketing a fund is not linked to the performance, but to investor appetite, to the way you can market the fund, and to how much time you can spend to raise assets, said Antoine Rolland, the CEO of incubator and seeding firm

  2. Hedge fund manager Winton Capital making headway with long-only strategy[more]

    From PIonline.com: North American investors are helping Winton Capital Management Ltd. make progress — albeit slowly — toward its founder's goal of becoming a $100 billion company. The firm's ticket to quadrupling its assets under management is unlikely to be one of its scientifically designed manag

  3. Opalesque Radio: Now is a good time to buy protection cheaply in the options market[more]

    Benedicte Gravrand, Opalesque Geneva: Investors are showing an increased interest in risk parity funds and strategies, Opalesque reported last year. Risk parity strategies have the

  4. The Big Picture: Charlemagne Capital smoothes risk out of frontier market investing with portfolio approach[more]

    Benedicte Gravrand, Opalesque Geneva: Opalesque recently talked to one of the portfolio managers of the Oaks funds, which are emerging and frontier market hedge funds focusing on equity long/short with a directional approach. They are run by

  5. Winton’s low-cost equities fund tops $1bn for first time[more]

    From FT.com: Winton, the London-based hedge fund, has increased the assets in its low-cost equities fund to more than $1bn for the first time in a sign that traditional stock managers may come under increasing pressure from computer-driven rivals. Winton, which manages about $25bn in total ass