Gold surge ....Here that Skol $1320
Gold shorts getting crushed ...LOL burn baby burn
Gold Bulls Bet Right as Prices Rally Most Since ’11: Commodities
By Debarati Roy - Jul 22, 2013 4:47 PM GMT+1200
Hedge funds raised bets on a gold rally before prices capped the biggest two-week gain in 20 months as Federal Reserve Chairman Ben S. Bernanke damped speculation that a cut in stimulus is imminent.
Speculators increased their net-long position by 56 percent to 55,535 futures and options by July 16, the highest since June 4, U.S. Commodity Futures Trading Commission data show. Short contracts fell the most since November after reaching a record the previous week. Net-bullish wagers across 18 U.S.-traded commodities jumped 28 percent, the biggest gain since March.
Gold surged 6.7 percent in two weeks, the most since November 2011, as Bernanke signaled that decreases to bond purchases aren’t imminent. It’s “way too early to make any judgment” as to whether the Fed will start winding down its stimulus program in September, he said while testifying before the Senate July 18. Bullion fell into a bear market in April as some investors lost faith in the metal as store of value.
“We are seeing some support for gold as Bernanke’s statements tell us that the Fed wants to see a visible improvement in economic conditions before they begin tapering,” said Michael Cuggino, who manages $12 billion of assets at Permanent Portfolio (PRPFX) Family of Funds Inc. in San Francisco. “The longer-term reasons for owning gold, like capital preservation, remain as easy money will continue to flow into the system.”
http://www.bloomberg.com/news/2013-0...mmodities.html