Several hedge fund giants have raised their bullish bets on gold, according to Wall Street source. These include Elliott Management led by Paul Singer, Caxton Associates managed by Andrew Law and Dymon Asia Capital founded by Danny Yong. According to latest Commitment of Traders report released by the US Commodities and Futures Trading Commission(CFTC) on May 1st, as of the week ending on April 28th, speculative net longs increased by 13,158 to 262,729 contracts, signaling a growing bullish bet on gold. Speculators are betting that a new round of monetary easing and fiscal stimulus to tackle coronavirus epidemic around the globe will lead to currency depreciation and benefit gold. US Treasury estimates that net volume of US T-Bond in circulation in Q2, 2020 will increase by US$3 trillion, which creates a new quarterly record. Analysts observed that measures taken by major global economies in the name of fighting the pandemic are essentially printing money without limit, and in such case gold makes an ideal save-haven asset against depreciating currencies. Alex Mashinsky, chief executive of Celsius Network, said the massive monetary easing policies by central banks would boost the performance of safe-haven gold, while the rest of the gains could be driven by low interest rates and disruptions to gold mining. Gold daily pivot points: 1689---1695S1: 1676 R1: 1702S2: 1666 R2: 1718
The Database of WikiFX comes from the official regulatory authorities , such as the FCA, ASIC, etc. The published content is also based on fairness, objectivity and fact. WikiFX doesn't ask for PR fees, advertising fees, ranking fees, data cleaning fees and other illogical fees. WikiFX will do its utmost to maintain the consistency and synchronization of database with authoritative data sources such as regulatory authorities, but does not guarantee the data to be up to date consistently.
Given the complexity of forex industry, some brokers are issued legal licenses by cheating regulation institutes. If the data published by WikiFX are not in accordance with the fact, please click 'Complaints 'and 'Correction' to inform us. We will check immediately and release the results.
Foreign exchange, precious metals and over-the-counter (OTC) contracts are leveraged products, which have high risks and may lead to losses of your investment principal. Please invest rationally.
Special Note, the content of the Wikifx site is for information purposes only and should not be construed as investment advice. The Forex broker is chosen by the client. The client understands and takes into account all risks arising with Forex trading is not relevant with WikiFX, the client should bear full responsibility for their consequences.