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Politics : PRESIDENT GEORGE W. BUSH
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To: Kenneth E. Phillipps who wrote (499080)11/26/2003 1:41:58 PM
From: Hope Praytochange  Read Replies (2) of 769670
 
A third force of note is speculators. They have been betting heavily that gold will rise. Look at the net of the futures contracts to buy and sell gold outstanding on the Comex division of the New York Mercantile Exchange on Sept. 2. The net equaled almost 123,000 contracts to buy about 12.3 million ounces of gold, the biggest weekly position by far in the Commodity Futures Trading Commission data going back to 1983.

But since then, these positions have been trimmed, with the net buy contracts totaling 93,160 as of Nov. 18. While this is the ninth biggest weekly net position, the fact that it has shrunk may be another reason why gold has still failed to break through $400.
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