The Gold Bulls are pulling back as gold prices drop. “Hedge funds got less bullish on gold for the seventh time in eight weeks as the U.S. economy strengthens and inflation fails to accelerate, driving prices to the biggest annual drop in more than three decades,” reports Bloomberg.
“The net-long position in gold fell 12 percent to 28,702 futures and options in the week ended Dec. 24, U.S. Commodity Futures Trading Commission data show. Short holdings gained 1.1 percent to 76,052, a three-week high. Net-bullish holdings across 18 U.S.-traded commodities climbed 4.5 percent to 768,354 contracts as copper wagers gained to a 34-month high.”
In metal price news for precious metals:
The week’s biggest mover on the weekly Global Precious Metals MMI® was the price of Japanese platinum bar, which saw a 3.5 percent increase. This comes on the heels of a 2.1 percent decline the week prior. The price of US platinum bar rose 3.1 percent after falling 3.4 percent during the previous week. The price of Chinese platinum bar rose 2.9 percent after falling 2.1 percent during the previous week.
The price of Chinese palladium bar rose 1.3 percent after falling 2.5 percent during the previous week. The price of US palladium bar rose 0.4 percent after falling 2.8 percent during the previous week. The price of Japanese palladium bar rose 0.1 percent after falling 2.5 percent during the previous week.
The price of Japanese gold bullion rose 2.1 percent after falling 2.0 percent during the previous week. The price of US gold bullion rose 2.0 percent after falling 4.1 percent during the previous week. The price of Chinese gold bullion rose 1.2 percent after falling 2.1 percent during the previous week. The price of Indian gold bullion rose 0.6 percent after falling 4.0 percent during the previous week.
The price of US silver rose 2.9 percent after falling 2.2 percent during the previous week. The price of Chinese silver rose 2.4 percent after falling 1.0 percent during the previous week. Closing out the third week of rising prices, the price of Japanese silver increased by 2.3 percent. The price of Indian silver rose 2.3 percent after falling 1.4 percent during the previous week.
The Global Precious Metals MMI® collects and weights 14 global precious metal price points to provide a unique view into precious metal price trends.