Gold has also benefited from the dollar’s slack performance this year. Most raw materials are priced in dollars and historically a strong USD has pressured commodities.
“The net-long position in gold futures and options jumped 21 percent to 148,266 contracts in the week ended March 8, according to Commodity Futures Trading Commission data released three days later. That’s the highest since February 2015,” according to Bloomberg.
SPDR Gold Shares
Tom Lydon’s clients own shares of GLD.