, 9 tweets, 5 min read Read on Twitter
Gold: At $1326.50 in early European trading on Monday, #gold is some $20+ off Friday's intraday high.
I think it's fair to say that this is one reason why #gold is lower today (although I'd also argue that trading on presidential pronouncements is a dangerous game).
Gold: But this is another contributing factor - the change in Managed Money #gold futures positions reported by the CFTC for the week to 4 June (i.e. last Tuesday).
If that looks like a large move in the net long positioning in #gold, that's because it is. Based on the calculations I've made this morning, that's the largest one-week increase in net-long gold positions recorded since 2006, which is as long as this data series goes back to.
The increase contributed to a decent move higher in the #gold price over the same period. Gold increased by $46/oz over the week, and this is right in line with the median move in gold per million ounce change in net Managed Money position since 2016.
Of course, other factors have helped #gold over the past few days, with strong ETF inflows also seen. On Friday, for example, another 500koz ounces of inflows were seen into ETFs according to Bloomberg automation.
Looking ahead, #gold is likely to take its direction from broader markets: its worth noting that for all the apparent relief in equity markets, real Treasury Yields have barely budged. But then again, the bond market is always more pragmatic (or cynical, if you wish).
We'll continue to follow markets closely and will post our thoughts both here on twitter and also on our #Goldhub #blog

Best of luck!
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