Thread by @JReade_WGC

Gold: Back in the office after a sojourn in Barcelona (and no hard feelings about the run in with the police at all, honest), gold had a good time of it while I was away, breaking higher in Wednesday’s US trading and making gains every day since then.

Currently $1407/oz

Updating my re-indexed chart of #gold in some important currencies, I’ve had to extend the Y axis to account for last week’s performance, which is always good to see.

Note that #gold in US dollars continues to lag the performance in other currencies since May last year.

Buying via the Comex futures market has been part of this move, although its worth noting that the COTR chart below is as of Tuesday - before #gold broke higher.

As one could imagine, Comex open interest has increased with #gold and aggregate OI is up about 6 million ounces since the last data was collected for the COTR report.

Assuming that this increase in open interest is new spec longs in #gold, then the net long managed money position could look like this.

Of course, Comex is not the only vehicle that has seen #gold buying, ETFs have seen decent buying, especially on Friday.

And looking at that quantitively, 112 tonnes of #gold has gone into ETFs this month (and more in the US than elsewhere, a contrast to the YTD performance).

But it is worth paying attention to speed of the move. With a 14-day RSI above 84, the air may be getting thin and some s/t correction could be seen (see q1-16 and note after a breather, #gold went on to further gains).

Best of luck!

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