Gold is already under pressure again as the new week gets underway. As economists at Commerzbank note, investors are retreating not only from gold but also from silver.
“The same factors as in recent weeks are weighing on gold price: the US dollar is firm and bond yields are rising further.”
“ETF investors have been withdrawing from gold over the past two weeks. The gold ETFs tracked by Bloomberg registered 12 tons of outflows again last week. The CFTC’s statistics show that speculative financial investors are further turning their backs on gold, too.
“153 tons of gold have thus been sold via the futures markets in the past three weeks. This is presumably one reason why the gold price has shed $100 or 5% during this time.”
“Speculative financial investors have also retreated noticeably from silver: in the last three weeks, they have even slashed their net long positions by 64%, around 4,180 tons of silver being sold via the futures market. The silver price has dropped by nearly $3 or 11% over this period – i.e. significantly more steeply than the gold price.”
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