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.
Unless it mounts a challenge against its $1,500 resistance level, platinum will “stay on loose grounds” and will fail to attract new investment.
CPI Financial released its Precious Metals Report on Thursday. Platinum finished the week at $1,403, down $2 from last week.
“The outlook for platinum appears to be still weak, but the rally on Friday, with a close back above the $1400 level, was important,” wrote the report’s authors.
“There has been no visible new interest from the investment community in platinum and there seem to be no tangible steps visible to close the gap of oversupply to an already saturated market.”
Palladium was up a modest $3 from last week to $577 mostly due to a recent equity rally; however, investor interest in the metal is low.
“ETF holdings have seen some small outflows in the week but the interest and the price movements of palladium are very subdued.”
Image of one litre of 99.9% pure platinum, 40×25, manufactured into 1cc cubes to 5 micron accuracy
