Tuesday

SPDR Gold Trust: Bullish Bets Rebound At Fastest Pace In Four Years' Commodities


For the first time in a period of four years, many investors are actually boosting wagers on the higher commodity prices. The bullish GLD wagers actually fell by 14% to 60,126 options and futures in the close of last week. On the other hand, those of SLV fell by 77% to 632 contracts.

Bank of America Merrill Lynch analyst, Michael Widmer, says that GLD will average at $1,670 at the end of this year. He added that it is because the business is in the recovery stage that many investors are shying away from increasing their bullion holdings.

At the Comex in New York, the GLD futures for the month of June rose of 0.3%. Later on, they closed at $1,600.90 at the end of last week. Meanwhile, the holdings for exchange traded products remained stable at $2,449.84 metric tons.

When the recovery stage paves way for the boom, you can be sure that Price of GLD will go past $1,800.


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Live 24 hours silver chart [ Kitco Inc. ]


Live 24 hours gold chart [Kitco Inc.]