Gold is seeing support, as geo-political uncertainty with the threat of the UK leaving the EU and uncertain monetary policies among developed economies take hold. The latest to join gold's bull ride is billionaire George Soros. Reports suggest that he cut 37% of his investment in US stocks while buying $264 million stake in Barrick Gold Corp. (NYSE: ABX), the world's biggest producer of bullion.
On the institutional front, Credit Suisse joined a number of other commercial banks who have upped their price targets on gold to $1350 an ounce by Q2 2017. However, technical data suggests that positioning in Gold is starting to get over crowded. Data from the CFTC on Friday showed that there was a slight decrease in speculative long positions while shorts started to rise, indicating that the bullish momentum among smart money is starting to slow.
Gold – Still Shining
Andamento del mercato - 18/05/2016