Gold: Trading at $1676/oz at the time of writing in what has been a very choppy start to the week.
$1700/oz traded in Asia early on Monday as global equity markets opened (and have stayed) sharply lower.
But #gold couldn't hold these gains.
$1700/oz traded in Asia early on Monday as global equity markets opened (and have stayed) sharply lower.
But #gold couldn't hold these gains.
Switching to the Comex active contract, there is no sign of a particular jump in #gold volume such as was seen on Friday.
Real US Yields are much lower, with 10-year yields off a stunning 30bp.
Equity futures are sharply lower too...
So although #gold has performed well this year as other markets have fallen sharply, the past week or so has seen a big gap open up between what could be expected and what has materialised.
Bloomberg's robots report very strong #gold ETF buying on Friday...
...which has taken month-to-date inflows to 68.5t, or more than 2 million ounces, in March already: all regions saw inflows, with Europe slightly shading North America.
I’m unsure why gold has lagged a bit over the past week – perhaps traders are more concerned about positions that are haemorrhaging PnL rather than looking to gain from this situation.
Less orderly markets sometimes see short-term dislocations – perhaps this is one.
Less orderly markets sometimes see short-term dislocations – perhaps this is one.
