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Just one week ago, China seemingly couldn’t get enough of gold, and the price of spot briefly touched a record $3500 as a result of, among other things, staggering inflows into Chinese gold ETFs such as the Huaan Yifu, Bosera and Guotai gold ETFs.
But, as with all things momentum-based in China, it’s easy come, easy go in the land of Dragons, and as Goldman commodity trader Adam Gillard writes, *China liquidated what it bought last week ahead of the Labor Day holiday, resulting in total onshore positioning now 5% off the ATH. *And while China’s share of total open interest remains on the highs at ~40%, upward momentum may have peaked for the time being.
GO HERE FOR MORE www.zerohedge.com/commodities/gold-tumbles-near-record-chinese-liquidations THE NEWS FROM THESE LINKS ARE DECIDED TO BE ACCUARATE OR NOT BY YOU NOT BY THE PROPHETIC NEWS SERVICE by MESSIAH’S BRANCH which is an independent NEWS & RESEARCH MINSITRY FUNDED only by your kind donations, ANY SIZE DONATION HELPS GREATLY, Please go here to donate! prophecyhour.com/donations/ WE ALSO HAVE A MISSION CHURCH FOUND HERE wichitahomeless.com/
Just one week ago, China seemingly couldn’t get enough of gold, and the price of spot briefly touched a record $3500 as a result of, among other things, staggering inflows into Chinese gold ETFs such as the Huaan Yifu, Bosera and Guotai gold ETFs.
But, as with all things momentum-based in China, it’s easy come, easy go in the land of Dragons, and as Goldman commodity trader Adam Gillard writes, *China liquidated what it bought last week ahead of the Labor Day holiday, resulting in total onshore positioning now 5% off the ATH. *And while China’s share of total open interest remains on the highs at ~40%, upward momentum may have peaked for the time being.
GO HERE FOR MORE www.zerohedge.com/commodities/gold-tumbles-near-record-chinese-liquidations THE NEWS FROM THESE LINKS ARE DECIDED TO BE ACCUARATE OR NOT BY YOU NOT BY THE PROPHETIC NEWS SERVICE by MESSIAH’S BRANCH which is an independent NEWS & RESEARCH MINSITRY FUNDED only by your kind donations, ANY SIZE DONATION HELPS GREATLY, Please go here to donate! prophecyhour.com/donations/ WE ALSO HAVE A MISSION CHURCH FOUND HERE wichitahomeless.com/