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Commodities Briefing - Categorized | Bullion/Gold, Market Moves, Price Watch more

Russians, Chinese Supporting Gold Price

Posted on 22 November 2016

Gold threatened to breach the $1,200 level on Friday before rebounding. The sentiment was helped by word that the Russian central bank added 1.3 million ounces to reserves in October and that was before the price drop. The Chinese and Russians have been supporting the market below $1,250 this month, which is helping to offset the large futures and ETF liquidation.
The outflow from gold ETFs last week alone was 19 tons, and the net long futures positions through Tuesday was the lowest since March. As a December rate hike seems to be a done deal and already reflected in the Fed funds and the dollar rally it seems that being short gold at this point has limited downside…………………………………….Full Article: Source


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