Salient to Investors:

  • Hedge funds et al are the most bullish on gold since November 2012.
  • Jeffrey Currie at Goldman Sachs expects $1,050 by year-end as the economy improves.
  • Abhishek Chinchalkar at AnandRathi Commodities said prices are a little overstretched technically as funds are overbought, while gold is vulnerable to a severe pullback should Yellen’s testimony to Congress be seen as not dovish.
  • Barclays says most precious metals look toppy, with downside risk to gold on any earlier than expected interest rate hike.

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