Precious metals gain ground in the eastern country, while flows continue into Chinese gold ETFs. In the West they are waiting for upcoming Fed cuts.
Since November, the fixation of the Chinese yuan has weakened. Faced with this, precious metals are gaining ground in the Asian country. The Shanghai Futures Exchange continues to hold large positions in both gold and silver, while flows continue into Chinese gold ETFs.
In the West, operators are no strangers to this data. In that line, Macro investors have remained underpositioned in the yellow metal relative to a typical tapering cycle. Right now, they’re on the sidelines, but they’re hoping for more certainty about upcoming Fed cuts.
“Looking ahead, as a weakening data trend begins to form, investors are more likely to enter the fray, which could ultimately be the next catalyst needed for another bull run,” Ryan McKay emphasized. , senior commodities strategist.
It is worth adding that in our country, gold is worth, as of April, US$2,334 per troy ounce, 8% more than in year-on-year terms, and silver, US$27 per troy ounce.
Elsewhere, commodity trading advisors are set to double their net position in platinum, adding 16% of the maximum historical length with all signs pointing to the long term in the metal.
Source: Larepublica
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