ING’s Warren Patterson and Ewa Manthey observe that managed money net long positions in COMEX Gold have declined, with investors turning more cautious. They link weaker Gold positioning to inflationary concerns tied to ongoing energy disruptions in the Persian Gulf, while also noting reduced speculative length in COMEX Silver over the latest reporting week.

Positioning softens as energy risks rise

"In precious metals, managed money net longs in COMEX gold decreased by 3,352 lots to 95,498 lots over the last reporting week."

"Inflationary concerns amid the ongoing energy disruptions in the Persian Gulf have seen investor appetite for gold sour."

"Similarly, speculators decreased their net long in COMEX silver by 2,183 lots to 8,863 lots as of Tuesday.."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)