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Record Gold Hoard Spurs Bullish Bets

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Fri, 25 Nov 11 5:01 PM | 61 view(s)
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Record Gold Hoard Spurs Bullish Bets

By Nicholas Larkin - Nov 25, 2011 7:16 AM ET

Gold traders are more bullish after investors accumulated the biggest-ever hoard of the metal, with Europe’s deepening debt crisis driving them to protect their wealth with this year’s second-best performing commodity.

Eighteen of 26 surveyed by Bloomberg expect bullion to rise next week. Holdings in exchange-traded products backed by gold reached a record 2,350.8 metric tons on Nov. 23, now valued at $127.1 billion, according to data compiled by Bloomberg. Hedge funds and other speculators increased their net-long position, or bets on higher prices, for four weeks, the longest stretch since March, Commodity Futures Trading Commission data show.

more:
http://www.bloomberg.com/news/2011-11-25/biggest-gold-hoard-ever-bolstering-bullish-bets-from-traders-commodities.html




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