Gold gains as shorts cover positions

Gold's up 1.3% to $1,329 per ounce amid CFTC data showing gold shorts covering 23.5K futures contracts last week - the equivalent of 2.35M ounces of the metal. Even after the big cover, the number of CFTC gold shorts remains above any level seen prior to this summer.

Gold ETFs saw their first net inflows in 2 months last week. Their holdings now stand at about 35M ounces vs. around 50M at the start of the year.

GLD +1.2% premarket.


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Comments (8)
  • filipo
    , contributor
    Comments (4647) | Send Message
    No comment....
    12 Aug 2013, 09:25 AM Reply Like
  • The Geoffster
    , contributor
    Comments (4291) | Send Message
    Worthless relic with no utility, hoarded by ignorant Luddites. The smart money knows that Central Banks have all the tools necessary to maintain their fiat currencies indefinitely.
    12 Aug 2013, 09:40 AM Reply Like
  • zigazaga
    , contributor
    Comments (148) | Send Message
    Wherever you're from, consider telling that to the inhabitants of a planet called Earth in the Solar System. :-)
    12 Aug 2013, 10:03 AM Reply Like
  • Jason Burack
    , contributor
    Comments (2146) | Send Message
    I hope you are being sarcastic!
    12 Aug 2013, 12:55 PM Reply Like
  • maui1
    , contributor
    Comments (56) | Send Message
    you can print only as long as the public believes in the printer.


    when the public loses faith, the public will look to hold what has been held as value for the last 6000 years, no matter it has no 'utility' (really).


    question though......what 'utiity' does PAPER have over gold?
    12 Aug 2013, 10:01 AM Reply Like
  • The Geoffster
    , contributor
    Comments (4291) | Send Message
    Paper has great utility in human hygiene and can be eaten in a crunch. I often use it as a fire starter
    12 Aug 2013, 10:30 AM Reply Like
  • Jason Burack
    , contributor
    Comments (2146) | Send Message
    The COT and BPR predicted a huge rally was coming soon. Looks like it has started. We are now over the 50 day moving average so institutions and some traders will start to buy again instead of everyone trying to short and predicting gold below $1,000.
    12 Aug 2013, 12:56 PM Reply Like
  • phdinsuntanning
    , contributor
    Comments (1346) | Send Message
    with all bosses on the beach, the German election in September and a new wave of Europanic after that? Maybe
    12 Aug 2013, 02:21 PM Reply Like
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