Parallel Universe in Gold: Wall Street’s Record Gold Shorts Amidst Rapid Inventory Depletion
Hedge funds are the least bullish on gold in more than five years as speculation about the pace of money printing by central banks whipsawed prices, driving volatility to a 17-month high.Money managers cut their net-long position by 9 percent to 35,686 futures and options as of May 21, the lowest since July 2007, U.S. Commodity Futures Trading Commission data show. Holdings of short contracts rose 6.7 percent to a record 79,416. Net-bullish wagers across 18 U.S.-traded commodities slid 2.1 percent, as investors became more bearish on coffee and wheat.Gold’s 60-day historical volatility touched the highest since December 2011 last week and a gauge of price swings for the SPDR Gold Trust, the biggest bullion-backed exchange-traded fund, surged 73 percent this year.
Friday: 2.41 tonnesThursday: 1.5 tonnesWednesday: 3.01 tonnesTuesday: 8.42 tonnesMonday: 6.91 tonnes
The Reserve Bank of India said on Monday banks would not be allowed to give loans against units of gold exchange-traded funds (ETFs) and gold mutual funds.As these products are backed by bullion and primary gold, the restriction on grant of loan against gold bullion will be applicable to loan against units of gold ETFs and units of gold mutual funds, the RBI said in a statement.The RBI also said that while giving loan against gold coins sold by banks, the lenders should ensure that the weight of the coins does not exceed 50 grams per customer
Russia and Kazakhstan expanded gold reserves for the seventh straight month in April, when prices tumbled into a bear market, International Monetary Fund data show. The volume for the Shanghai Gold Exchange’s benchmark cash contract jumped to a three-week high on May 24, while assets in gold-backed exchange-traded products dropped for a 15th week last week.IMF data showed Turkey, Belarus, Azerbaijan and Greece joined Russia and Kazakhstan in adding gold to reserves last month. Mexico and Canada reduced holdings, the data showed. In China, the volume for cash bullion of 99.99 percent purity rose to 22,455 kilograms on May 24 from 12,521 kilograms on May 23, according to data on the Shanghai Gold Exchange’s website.
Source: http://prudentinvestornewsletters.blogspot.com/2013/05/parallel-universe-in-gold-wall-streets.html
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