John Reade Profile picture
Chief Market Strategist at the World Gold Council
Sep 18, 2018 5 tweets 3 min read
Gold: The COTR for #gold was released Friday, as usual, but I was away from the office yesterday and didn't get a chance to update spreadsheets: I need not have worried as its almost unchanged.

Managed Money remains net short gold, reduced by 0.75moz to 7.1 moz

1/4 Gold: Gross #gold longs were down 0.16moz to 10.4moz, continuing to bounce roughly around the base level seen over the past six or seven years

Sep 14, 2018 16 tweets 7 min read
Gold: Tomorrow marks the 10-year anniversary of the failure of Lehman Brothers and, consequently, economists, market commentators and journalists have been rolling out their thoughts on both the financial crisis and the subsequent decade.

1/14 Gold: How did #gold fare through the crisis? This chart, from July 2008 to July 2009, shows no sign of gold moving rapidly higher? In fact, gold fell in the fourth quarter of 2008 as the dollar strengthened and gold was used as a source of liquidity (and sold.)

Sep 10, 2018 7 tweets 4 min read
Gold: Stubbornly Short:

CFTC data, released Friday for positions as of Tuesday 4 September, show that Comex Managed Money remains short #gold.

1/6 Gold: There was little change to the already-elevated gross Managed Money short #gold position, which increased by only 100Koz; gross longs fell by 900koz to 10.5 million ounces, driving the net short position 1moz higher to 7.9Moz

Sep 3, 2018 6 tweets 3 min read
Gold: Its likely to be quiet today, with the US markets closed for the Labor Day public holiday. But the CFTC released its Commitment of Traders Report on Friday, as usual. To summarise, speculators were still (just) net short #gold as of 28 August. 1/6 Gold: The Managed Money category also remains net short #gold, although as in the case of the legacy report net speculative position, the net Managed Money short decreased slightly last week. 2/6
Aug 28, 2018 7 tweets 3 min read
Gold: Early this year I noted the divergence between #gold and real US yields and wondered why this should be. 1/6 Gold: I noted that #gold's negative relationship with the dollar had become very important. 2/6
Aug 22, 2018 7 tweets 4 min read
Gold: Mukesh Kumar, manager of research for @GOLDCOUNCIL in India, has spent the past few days talking to contacts across the Indian #gold market. The first thing I would observe is that the NCDEX polled premium is now positive (data to 20 August) 1/6 Gold: Mukesh notes that there will be an impact from the recent devastating Kerala floods and that the Onam festival will see less #gold demand than normal. But almost all the contacts believe the impact of the flooding will be temporary and should be limited to Q3-18. 2/6
Aug 20, 2018 7 tweets 4 min read
Gold: Sitting like a Coiled Spring, #gold remains below $1200/oz on Monday, although it has recovered a little ground from the lows last week. 1/7 Gold: Why did I use the ‘Coiled Spring’ analogy? Because of build-up of Managed Money short #gold positions held on the Comex Futures market. Gross Managed Money short positions increased by a further 1.7 million ounces last week and now stand at a new record 18.8moz. 2/7
Aug 14, 2018 9 tweets 3 min read
Gold: Hi, I'm back in the office after some time in India on business and some holiday in Edinburgh for the @edfringe (I'd highly recommend both, btw). I note that gold has fallen below $1200/oz in my absence so here are a few comments (1/8) Gold: Firstly, I would point out the obvious: gold has fallen as the US dollar has strengthened. There's nothing strange about this, its the 'usual' relationship. (2/8)
Aug 5, 2018 10 tweets 3 min read
Gold: Some reflections on the Indian gold market after speaking to the gold trade in and around the IIGC at Cochin. 1/n Although the shops seemed busy to me, they were described as quiet by managers and WGC colleagues. That fits with what I’ve always understood, in that this time of thyear year rarely sees strong demand. Should start to pick up at 15 Aug, I’m told. 2/n