Hieronder volgt een kort commentaar in het Engels van Nitesh Shah, Director Commodities bij WisdomTree, op de goudprijs die deze week is gestegen.
As the S&P500 fell 3.9%, DAX dropped 1.1% and oil fell 3.4%, gold rose 2.5% yesterday. We have long argued that gold has not lost its defensive, safe-haven status. The metal did not react last month to the emerging market sell-off, because developed markets were roaring at the time. Now that developed markets have faltered, gold is doing its job.
We believe that yesterday’s cyclical market rout will drive a short-covering rally in gold. Net speculative positioning in gold futures had fallen to the lowest level since 2001 last week. Those excessive shorts are likely to be covered after yesterday’s 2% gain in gold spot prices. In our recently published gold outlook (Upside Correction Due, September 2018), articulates the case for a recovery of gold back to USD 1320/oz.
Gold futures speculative positioning