WEST PALM BEACH, FL (HEDGECO.NET) – The recent gold recoup was propelled mostly by hedge funds and other professional investors seeking investment for more of their money, according to Bernard Hunter, director of precious metals at Bank of Nova Scotia division in Toronto.<\/p>\n
Mr. Hunter said buying yesterday was dominated by hedge funds and other professional investors looking for a haven. They boosted their exposure mostly through futures contracts, exchange-traded funds and other means that do not require them to take delivery of the metal. <\/p>\n
\u00c3\u00a2\u00e2\u201a\u00ac\u00c5\u201cEvery time you turn on the TV or open a newspaper, there\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2s another story that is supportive of the gold price,\u00c3\u00a2\u00e2\u201a\u00ac\u00c2\u009d he said \u00c3\u00a2\u00e2\u201a\u00ac\u00c5\u201cSo there\u00c3\u00a2\u00e2\u201a\u00ac\u00e2\u201e\u00a2s a real increase in geopolitical uncertainty . . . and that is attracting some buyers into both gold and, to a lesser extent, silver.\u00c3\u00a2\u00e2\u201a\u00ac\u00c2\u009d <\/p>\n
Contracts for the August delivery of the precious metal hit a six-week high of $657 an ounce on the Comex division of the New York Mercantile Exchange before closing the day at $651.20. The close marked a jump of $8.10 or 1.2 percent from Tuesday and of 15 percent from the trough of $566.50 gold hit June 14 after joining in the global market rout and plunging from a mid-May high of about $731. <\/p>\n
The British analyst figures that the presence of hedge funds and other more speculative buyers has made the gold market much more volatile and active. So not only does bullion have the potential to hit new highs some time this year, \u00c3\u00a2\u00e2\u201a\u00ac\u00c5\u201cit could happen in a month.\u00c3\u00a2\u00e2\u201a\u00ac\u00c2\u009d <\/p>\n<\/div>\n
Alex Akesson
Contributing Writer
HedgeCo.Net
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