Gold at $4,390: Record Central Bank Buying and Hedge Fund Positioning Signal Structural Shift
Gold is trading at $4,390 per troy ounce this morning, down 0.58% on the session after posting its strongest monthly gain since January, a move of 9.66% that carried prices from an early-August low of roughly $4,000 to within reach of all-time highs. The pullback is orderly. The macro story that drove the rally is intact. But two data sets released in the last two weeks change how you have to think about where this market goes next: a record quarterly purchase figure from central banks, and a hedge fund positioning number that tells you just how crowded the trade has become. gold coverage
Key Takeaways Gold at $4,390/oz is up 9.66% in August, its best monthly gain since January, driven by thr…
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