Investors Are Pouring Into Gold
By GCRU Gold News on Sunday, February 5 2017, 07:10 - Permalink
The Federal Reserve has emboldened gold bulls.
Prices and trading volumes surged Thursday on call options giving holders the right to buy bullion at higher prices. On Wednesday, investors poured $413 million into SPDR Gold Shares, the largest ETF backed by the metal, recouping almost half of the money that exited last month.
“There is no imminent concern of a Fed rate hike, and that gleams the green light on for the metals to move higher,” David Meger, a director of metals trading at High Ridge Futures in Chicago, said in a telephone interview. “The weakening dollar and the lack of concern of a Fed interest-rate hike, and slightly higher inflationary numbers in the market, all support the precious metals.”