by Jan Skoyles, TheRealAsset.co.uk
Yesterday gold climbed slightly as demand from China was strong and some safe-haven gold buying was seen on the back of the Middle East troubles. Demand is slowing in China however, as volumes on the Shanghai Exchange sank to levels not seen since April 12th.
Outflows from ETFs remain – 17 metric tons this month alone, yet demand for coins remains strong. US Mint gold coin sales are 512,000 ounces in the year-to-date, sales were 753 for 2012.
US CFTC data shows hedge funds are feeling bullish on gold as they raised their net-long position by 19 per cent to 54,762 futures and positions (as of April 30). These actions show a split in consensus as Warren Buffet continues to remain bearish on gold stating that he wouldn’t even buy it if it went to $800. On May 2nd he said ‘It just sits there and you hope somebody pays more for it.’ Actually we don’t hope someone pays more for it, we hope
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