FX: Gold continues its advance as investors seek alternatives
Gold’s Pool-position is 83% Long, meaning that most Finotec clients are buying the precious metal
Gold climbed in New York, before paring gains, on speculation that wider Greek budget deficits will spur demand for the metal as an alternative to holding currencies. Gold priced in euros reached a record today as European Union finance ministers failed to agree on measures to help Greece reduce its budget deficit. Billionaire investor George Soros more than doubled his stake in the world’s biggest gold- backed exchange-traded fund, a regulatory filing showed. Soros Fund Management LLC held more than 6.178 million shares in SPDR as of Dec. 31 that compares with about 2.45 million shares on Sept. 30. Gold is trading at $1,115 as of 21:10pm, GMT with a bullish trend. Gold’s Pool-position is 83% Long, meaning that most Finotec clients are buying the precious metal.
