Gold edged lower on Tuesday as strong equities provided a risk-conducive backdrop for investors, countering support from Washington’s move to end waivers on Iranian oil sanctions.
Hedge Funds
Buy Gold, Sell Stocks Is the ‘Trade of Century’ Says One Hedge Fund
One of last year’s best-performing hedge funds says the “trade of the century” is to buy gold and sell stocks as risk assets are due for another meltdown.
Spot Gold Technical Report – Break Support $1280 – Neal Bhai
Gold Silver Reports (GSR) – Also supporting gold was a prolonged partial U.S. government shutdown and expectations that the Federal Reserve will hold its multi-year rate hike cycle, analysts said.
Gold Up But on Path for Longest Monthly Losing Streak in Two Decades – GSR
Gold inched higher but was on track for its longest monthly losing streak since January 1997 as the U.S. dollar firmed against the euro after Italy’s budget jitters threatened the European currency.
Gold May Hit $1,300 by End of Year, ICBC Says
Gold Silver Reports (GSR) – Bullion is set to average $1,260 an ounce in the third quarter and rise further in the following three months as interest rate increases are priced in and physical demand emerges, Marcus Garvey, a London-based commodities strategist, said in an interview in India.
Should You Buy Gold Now? Here’s What Experts Say
Gold Silver Reports (GSR) – Should You Buy Gold Now? Here’s What Experts Say — Several factors could limit gold’s upside potential for now. On the news front, last week ended with a stronger-than-forecast U.S. jobs report for May, with unemployment continuing to fall but wages rising more than expected, pointing to inflation risks, the bank says. “The U.S. Fed is likely to see this as confirmation that its cycle of rate hikes is appropriate,”
Hedge Funds Are Pulling Out of Gold and Seeking Thrills Elsewhere
Gold Silver Reports – Hedge funds are pulling out of gold bets as more exciting moves in equities and cryptocurrencies make safe-haven investments look boring.