Salient to Investors: Jeffrey Currie at Goldman Sachs predicts gold to fall to $1,050 by year-end as the economy improves and there is more confidence in the recovery, without significant inflationary concerns. Goldman predicts higher interest rates in Q3, 2015. Last week, net-long positions in gold rose to their highest
READ MORE... →Salient to Investors: History suggests the commodity slump will deepen by the end of December as prices head for their first annual loss since 2008. Since 1971, the S&P GSCI Spot Index fell in December 83 percent of the time whenever it was losing for the year through November. EPFR
READ MORE... →Salient to Investors: Hedge funds et al cut long contracts to the lowest since June 25. EPFR Global said money managers added the most since October 2012 to gold funds last week, while inflows for commodity funds were the most since November 2012. Evestment said assets managed by commodity hedge
READ MORE... →Salient to Investors: Hedge funds are making the biggest bet against copper on record as global inventories expand to a 9-year high, while concern that Europe’s debt crisis will spread spurred the biggest gain in gold bets since 2008. Jack Ablin at BMO Private Bank cites unprecedented stockpiles of copper and other metals
READ MORE... →Salient to Investors: Jack Ablin at BMO Private Bank said the economic head start helps build a nice story for 2013. 71 percent of the 52 S&P 500 companies so far reported have beat analysts forecasts. Laszlo Birinyi said he purchased options to bet the S&P 500 will rise more than 8 percent by the
READ MORE... →Salient to Investors: Hedge funds et al reduced net-long positions across 18 US futures and options last week to the lowest since June 19. Gold holdings reached a 4-month low, copper holding dropped for the first time in five weeks, and investors were the most bearish on natural gas since May. Walter Hellwig at BB&T
READ MORE... →Salient to Investors: EPFR Global said the increase in inflows into commodity funds in 2012 was 92 percent higher than the increase in 2011. The S&P GSCI, of which energy comprises 70 percent, fell 0.9 percent in 2012, the MSCI All-Country World Index rose 13 percent, the Dollar Index fell 0.9 percent, Treasuries returned 2.3 percent. Barclays
READ MORE... →Salient to Investors: Jack Ablin at BMO Harris Private Bank said the outperformance of 3 upscale retailers versus 3 lower scale retailers indicates investors believe high-income households will fund their higher tax burden from savings, rather than by cutting spending. Read the full article at http://www.bloomberg.com/news/2012-11-23/u-s-stock-futures-rise-s-p-500-may-extend-weekly-jump.html
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