Salient to Investors: Investors sold $5.4 billion of gold ETFs in February, the most since their creation in 2003. Credit Suisse and Barclays say the 12-year gold rally will peak in 2013. Credit Suisse said gold is significantly overvalued and unlikely to return to its September 2011 record of $1,921.15.
READ MORE... →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: 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: 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
READ MORE... →Salient to Investors: George Soros and Louis Moore Bacon cut their stakes in gold ETPs in Q4 2012. Lone Pine Capital and Scout Capital Mgmt sold their entire stakes in the SPDR Gold Trust, but John Paulson maintained his holding. UBS reduced its one-month price target by 6.8 percent, saying economic optimism takes the shine
READ MORE... →Salient to Investors: The assets of Michael Steinhardt’s WisdomTree Investments’ Japan Hedged Equity Fund have tripled since the start of 2013. The rapid growth of the fund highlights investors’ embrace of ETFs as vehicles for short-term trades in a way traditional mutual funds, with their higher fees and trading restrictions, haven’t been used. IndexUniverse
READ MORE... →Salient to Investors: George Soros made almost $1 billion since November from bets that the yen would tumble. Scott Bessent at Soros Fund Mgmt has 10 percent of the firm’s internally managed portfolio betting on rising shares in Japan. Read the full article at http://www.bloomberg.com/news/2013-02-14/soros-said-to-make-1-billion-since-november-on-yen-bet.html Free email alerts of articles as soon
READ MORE... →Salient to Investors: The difference between G-7 bonds excluding Treasuries and US government securities was the least since July 2011. Hiroki Shimazu at SMBC Nikko Securities said Treasuries are unattractive because recovery in the US in continuing and inflation expectations rising. Shimazu said 10-yr rates will exceed 2 percent by year-end. George Soros
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