Alasdair Macleod: Feb. 5 gold smash failed and gold outlook has improved
11a ET Thursday, February 11, 2016
Dear Friend of GATA and Gold:
With characteristically British understatement, GoldMoney research director Alasdair Macleod writes today that the outlook for gold has "improved." He notes that the February 5 smashing of the gold futures market with the dumping of 10,000 contracts failed quickly.
Macleod writes: "Of course we don't know who the seller was, but he will be nursing some serious losses. If it was the U.S. government's Exchange Stabilisation Fund, the cost won't matter; what would matter is that an attempt to put a cap on the gold price was a dismal failure and merely exposed a major change in market sentiment, from extremely bearish to growing bullishness. This is backed up by increasing open interest on the Comex market, a clear indication that a rising gold price is no longer driven solely by the closing of short positions but new buying is now driving the market."
Macleod's commentary is headlined "Gold Outlook Improves" and it's posted at GoldMoney here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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