Gold price and silver: Unwinding of long positioning continues

London (Oct 24)  The net long fund position for gold dropped again in the week commencing October 11, bringing it to its lowest since March 2016.

Key notes: • The net long fund position (NLFPs) in gold and silver continued to fall over October 11-18 but prices remained resilient. • We think there will be fresh speculative buying next month because we expect the Fed to keep rates unchanged and deliver a fairly dovish message to the market. • Our view on gold and silver remains constructive for the fourth quarter – we do not think there has been a change in trend yet. Gold spec positioning The NLFP in gold dropped for a second straight week over October 11-18, the latest CFTC statistics show. It now stands at 179,618 contracts, down 15,601 contracts or 8% on the previous week and its lowest since March 2016....

Source: MetalBulletin