MCX SILVER BUY 44500—44450 STOP LOSS PAID TAGET 44600—44880 (INTRADAY + POSSTIONAL) – Silver ETFs also have been “extremely popular,” rising by just under 280 tons since the start of the month, Briesemann added.
ETFs in precious metals trade like a stock but track the price of the commodity, with metal put into storage to back the shares. This gives investors access to price gains without having to take on costs such as assaying and storage.
The holdings are rising along with the price. Spot gold has hit a seven-year high of $1,743.25 so far Tuesday, which at the time put it up 10.7% for the month to date. Spot silver has been as high as $15.774, which meant a monthly gain of 12.9%.
“In contrast to ETF investors, speculative financial investors have not yet jumped back on the bandwagon,” Briesemann said.
The most recent positioning data from the Commodity Futures Trading Commission shows that money managers’ net-bullish position in gold changed little in the week to April 7. The net long was 152,482 futures contracts, compared to 152,598 the week before
“In other words, the latest rise in the gold price has not been driven by speculation … which means it may also prove lasting,” Briesemann said.
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