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10.02.26 - 20:42
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Indians Bought More Gold Than Stocks In January, Goldman Sees Pros Buying Long-Dated Calls (ZeroHedge)
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Indians Bought More Gold Than Stocks In January, Goldman Sees Pros Buying Long-Dated Calls
The near-vertical surge in precious metals (arguably driven by speculative demand from China) came to a swift halt at the end of January, when silver suffered its biggest daily drop on record and gold plunged the most since 2013.
As Goldman's top futures trader, Robert Quinn, points out (in a note available at out MarketDesk.ai portal to professional subscribers), according to Commitment of Traders reports, Managed Money sold a record amount of Gold futures surrounding month-end.
The report covering January 27th - February 3rd, which included a -11.4% drop post Trump's nomination of Kevin Warsh for Fed Chair, displayed-$13.7bn of Managed Money selling, driven mostly by liquidation (-$12.1bn).
This marked a 10 year notional record and corroborated the plummet in aggregate open interest.
Over subsequent sessions, elevated price volatility caused additional long unwinds, consistent with flow models for ...
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