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We recommend the longs in Dec’16 CME gold as the immense lengthening in investor gold positioning so far this year is the testament to the increasingly constructive environment for gold ownership among Fed hesitancy in hiking cycle, NIRP policies in some G10 nations, and economic uncertainties.
We think this constructive environment for prices will only intensify over the next 18 months amidst the continuation of unconventional monetary policy and heightened macroeconomic and political risks.
As we have seen following the Brexit vote, we believe long gold interest will remain sustained, especially through additional flows into ETFs, and we continue to see upside to prices in the medium term.
Went long Dec’16 CME gold at a price of- $1,360.80/oz in September series, 2016.
Added to the position in equal proportion at $1,317.00/oz on September 15 to decrease the breakeven to 1,338.90/oz Trade target is $1,495/oz with a stop at $1,290/oz.
Marked at $1,342.30/oz on Sep. 22 for a gain of $3.40/oz or 0.3%.
On the Comex division of the NYME, gold futures for December delivery were up -% at $1,338.65.
The December contract ended Thursday’s session 0.17% higher at $1,326.00 an ounce.
