BofA: Brace For Gold ‘Singularity’ If Fed Doesn’t Tighten
SOURCE: [MINING.com] – The gold price suffered another down day on Tuesday as large investors reduce long positions built up in the market in the run up to the metal’s January 22 high of just under $1,308 an ounce.
Net long positions – bets that the price would go up – held by hedge funds and other so-called “managed money” speculators climbed by 10 million ounces in January, reaching the highest level since December 2012.
But the apparent averting of a single currency crisis sparked by the Greek election provided the opportunity to liquidate some of the bullish positions and shift focus back to US economic fundamentals, the rampant dollar and a likely June rise in interest rates.
The post BofA: Brace For Gold ‘Singularity’ If Fed Doesn’t Tighten appeared first on Gold Editor.
Source: http://www.goldeditor.com/bofa-brace-for-gold-singularity-if-fed-doesnt-tighten/
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