WisdomTree: Beursmalaise zwengelt short covering rally goud aan
WisdomTree: Beursmalaise zwengelt short covering rally goud aan
Hieronder volgt een kort commentaar in het Engels van Nitesh Shah, Director Commodities bij WisdomTree, op de goudprijs die deze week is gestegen.
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