Massive Short Position In Euro Driving Market, Beneficiary Is Gold – iiTrader

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Kitco News speaks with iiTrader’s Bill Baruch following the release of economic data on Tuesday. According to Baruch, the gold market has been the beneficiary of lower equities markets and a pullback in the dollar. “Gold has been a beneficiary of this slide in equity markets today and now it’s moving back towards 1300,” he says. “I think with the miss in durable goods, there was poor sentiment this morning.” He adds that what was really moving gold this morning was the move in the euro currency, which he says he will continue to watch closely. He also says he will be watching the S&P close closely for clues as to where the market is headed next. “There’s a little bit of worry ahead of the FOMC, and again, gold is benefiting from that and a weaker dollar.” Watch now for insights as to how he sees the gold market set up for tomorrow’s big Fed meeting. Kitco News, January 27, 2014.

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