Salient to Investors: Damien Courvalin and Jeffrey Currie at Goldman Sachs said the cycle for gold prices, which rose for 12 straight years, has turned as the U.S. recovery gathers momentum and investment holdings collapse. Goldman lowered its 3-month target to $1,615, 6-month forecast to $1,600, and 12-month forecast to $1,550, and reversed its
READ MORE... →Salient to Investors: Hedge funds et al reduced net-long positions in gold futures and options by 40 percent last week, the biggest drop since July 31, 2007. Commodity bets across 18 US raw materials tumbled to the lowest since December 2011. Global holdings of gold ETPs fell by the most since August 2011. James Dailey at
READ MORE... →Salient to Investors: Adam Klopfenstein at Archer Financial Services said the world is not falling apart, and gold is no longer indispensable – that the US is talking about ending the stimulus program tells us that the economy is doing relatively better. Read the full article at http://www.bloomberg.com/news/2013-02-22/gold-poised-for-weekly-loss-as-haven-allure-fades-dollar-jumps.html Free email alerts
READ MORE... →Salient to Investors: Amanda Sneider and David Kostin at Goldman Sachs said: Net long exposure to stocks in hedge funds rose to 52 percent in Q4 2012, matching the 10-year high reached in Q1 2007. AIG became the most-held position, Apple fell to third place. Hedge funds notably reduced holdings of Apple and gold
READ MORE... →Salient to Investors: India may increase import taxes for a second time in 2013 to narrow a widening current-account deficit, 80 percent of which is due to gold imports, curbing demand for gold in jewelry and investment. Monal Thakkar at importer Amrapali said increasing the duty will encourage smuggling keeping India as the number
READ MORE... →Salient to Investors: James Dailey at TEAM Financial Asset Mgmt said the gold bugs have been obliterated because the perception about the global economy has changed, and people are moving to riskier assets. Michael Gayed at Pension Partners said the implication is that the Fed is planning to step back – not good
READ MORE... →Salient to Investors: Dave Lutz at Stifel Nicolaus said a mini perfect storm hit commodities today: rumors of a fund blowing up, gold below $1,600, and oil storage tanks in Cushing at near all-time records. Read the full article at http://www.bloomberg.com/news/2013-02-20/commodities-tumble-on-speculation-hedge-fund-selling-positions.html Free email alerts of articles as soon as they are posted.
READ MORE... →Salient to Investors: George Soros and Louis Moore Bacon cut their stakes in gold ETPs in Q4 2012. Huang Fulong at CITICS Futures said macroeconomic data around the world have shown signs of gradual improvement and has pushed gold to a new range of $1,550-$1,625, while lower prices should see physical buyers,
READ MORE... →Salient to Investors: Hedge funds et al reduced net-long positions across 18 US futures and options last week, the largest decline since November 13, as signs of improving US growth reduced demand for gold and rains in South America added to signs that crop harvests will be bigger. Bets on higher gold prices
READ MORE... →Salient to Investors: 20 analysts expect gold prices to fall next week, 11 to rise, 3 neutral – the highest proportion of bears since Dec. 30, 2011. Gold is below its 200-day moving average, indicating more declines may follow. Gold fell in March in 6 of the last 9 years. Hedge
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