Dan Dicker, energy trader, oil analyst, television and web commentator, author and general provocateur doesn’t mince words, especially about the new players brought in through electronic trading of the markets.
The CFTC managed money combined total positions in gold jumped to 70,067 contracts as of July 23 from a recent low of 31,197 contracts as of June 25. The speculators believe that the Fed is unlikely to hurry the tapering.
The U.S. Comex gold futures retreated 0.44% in the past two days and rose 2.78% for the week to finish at $1,328.80 on Thursday. The gold prices have reacted positively to the latest jobless claims data in the U.S. and the CPI data in Japan.
After rising for two consecutive weeks, the U.S. Comex gold futures fell 1% week-to-Tuesday to $1,448.80 although prices touched $1,458 on Wednesday Asian morning. The story of the week is still rising equities.