The Gold Bulls are Running Again
The Gold Bulls are getting at it again, in the 2 weeks through the end of May, hedge funds and other large speculators boosted their Bullish bets on the precious Yellow metal by 37%, the most since Y 2007, government data show.
More long positions are likely to be added this week, after a weak US employment report Friday, the London terror attacks last Saturday and ahead of former FBI Director James Comey’s testimony before a congressional panel this week
Gold has rallied 11% YTD.
Political uncertainties are also bolstering haven demand for Gold, outweighing expectations that the Fed will boost borrowing cost next week.
Bullion futures for August delivery touched 1,286, the highest for a most-active contract since April 21.
“The London attack over the weekend helped push gold above 1,280, 1300-1350 seen after a brief pull back. Gold is overbought.
James Comey’s testimony before a congressional panel on his investigation into The Trump Campaign’s ties to Russia is also bringing on a bit of political uncertainty, helping support gold prices.
Silver also rose on the COMEX, while Platinum and Palladium advanced on the New York Merc.