Hedge funds slash bullish wagers on gold over Trump election win
Hedge funds and other large speculators boosted net-long positions by 11% to 197,362 as of Nov. 12, the lowest in 14 weeks.
Renowned commodities expert James Turk says a new chart indicates that despite golds recent bouts of weakness the precious metal is on track for an “exponential upward trend.”
King World News reports that Turk, founder of the GoldSilver investment site, says the pattern of shifts in gold prices are “exactly [what] you see when a currency is heading toward hyperinflation”
According to Turk the gold and silver markets are being “rigged” in the lead up to the US presidential election by means of data releases of dubious accuracy, such as this month’s upbeat unemployment numbers, and this is what has led to the brief travails of both precious metals.
A log scale chart of gold prices in four currencies – the US dollar, the euro, the British pound and the Swiss franc, however, shows that for the period from January 2000 to October 2012 gold has been on an exponential upward trend, significant in Turk’s opinion of looming hyperinflation for all four of the monies used as reference units.
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Chart courtesy of King World News
