The disaggregated report showed that money-managed speculative gross long positions in Comex silver futures rose by 1,338 contracts to 31,927. OPEC oil cuts won't drive inflation high enough to stop gold's run above $2,000Īfter seeing bearish positioning for the last four weeks, the silver market has now turned net bullish, driven by short covering. The French bank noted that $3.5bn flowed into the gold market last week. "Gold maintained its strong performance from the start of the Silicon Valley Bank (SVB) story, reflecting expectations that an end to US monetary tightening might be near," said commodity analysts at Société Generale. Bullish sentiment is now at its highest level since May 22.Īlong with central banks completely transforming the precious metals market, analysts expect the ongoing banking crisis to drive safe-haven demand for gold and silver higher. The gold market is now net long by 99,160 contracts, up 22% from the previous week. At the same time, short positions dropped by 12,491 contracts to 31,370. The CFTC's disaggregated Commitments of Traders report for the week ending March 28 showed money managers increased their speculative gross long positions in Comex gold futures by 5,440 contracts to 130,530.
The latest CFTC data shows that investors are finally starting to take notice. Investors are realizing that there is value in the market and are quickly jumping in to buy the dips." "This is creating significant strength in the marketplace. They are buying gold for the long term," he said. "Central banks aren't fickle investors who will sell their gold if the price drops. In a recent interview with Kitco News, Kevin Grady, president of Phoenix Futures and Options, said he expects more investors to jump into the gold market as central banks continue to buy gold, creating a solid floor in the marketplace. "Silver, in particular, which has been net short for weeks, has a lot of room to run higher," said Ole Hansen, head of commodity strategy at Saxo Bank. Looking ahead, analysts note that bullish speculative positioning in both metals is well below historical norms, meaning there is plenty of upside for prices as more investors jump into the market. The new bullish momentum comes as gold prices continue to test resistance around $2,000 an ounce and silver has broken a long-term downtrend as prices hold above $24 an ounce. ( Kitco News) - Gold and silver continue to benefit from hedge funds ditching their bearish bets with prices holding solid support levels, and generating upward momentum, new bullish bets are entering the marketplace, according to the latest trade data from the Commodity Futures Trading Commission. Receive a comprehensive recap of the day's top stories directly to your inbox. Get all the essential market news and expert opinions in one place with our daily newsletter.
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