Recent data points suggest professional speculators have been boosting short positions in gold. Money managers are still betting on further weakness in the gold market as many have increased net-short positions.
“The World Gold Council believes that many emerging market central banks are turning their attention to gold as after years of exposure to the U.S. dollar, and as a natural currency hedge against other reserve currencies,” reports Mining.com.
For more information on the gold market, visit our gold category.
Tom Lydon’s clients own shares of GLD.