The Gold Bulls are Running Again

The Gold Bulls are Running Again

The Gold Bulls are Running Again

$GLD, $SLV

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.

Stay tuned…

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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