Frank Holmes of US Global Investors‘ latest SWOT analysis for gold
Strengths
- The best-performing precious metal this week was platinum, climbing 3.03 percent. Absent any real market moving news, the lift was likely from short covering as platinum prices have been off as much as 30 percent this year.
- After the losses seen in gold following the Federal Reserve’s rate hike last week, Bloomberg reports that some traders closed their bearish positions on the metal before year-end on speculation that physical purchases may pick up. Further, Bloomberg notes that the put-to-call ratio on SPDR Gold Shares has reached its lowest level since 2008, perhaps indicating that investors who were betting on further declines in gold prices are losing enthusiasm for this trade. Hedge funds reduced bets for a third week that the dollar would advance, according to Bloomberg. The currency is headed for its biggest monthly decline since…
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The Bullion Times 