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lunedì 21 dicembre 2015

Durden: Hedge Fund Gold Positioning Has Never Been This Extreme


Si acuisce l'originalissimo net short da parte degli hedge funds nell'oro:


Zero Hedge - Hedge Fund Gold Positioning Has Never Been This Extreme
Having closed lower for 8 of the last 9 weeks, gold has become the momentum-chasing hedge fund community's latest target.

Dopo aver chiuso in rosso 8 delle ultime 9 settimane l'oro pare essere diventato il trade "di momento" (non del momento, momentum in inglese significa qualcosa tipo "d'inerzia", tipo seguire un trend che si e' gia' delineato .. per essere piu' precisi questo sarebbe ora il trend DI momento DEL momento :D) della comunita' degli Hedge Funds


Despite empirical data showing no relationship between higher rates and 'lower' gold, the meme continues as Managed Money added to its already record short position in gold futures this week, pushing the leveraged bets to the most extremely bearish in history.

Anche se NON esiste prova empirica che tassi piu' alti della Fed significhino oro piu' in basso (e i Tylers linkano al loro post su questo topic) comunque tutti si continuano ad accodare su questo tipo di scommessa. 

Our assessment is that one simply cannot afford to ignore the fact that gold provides insurance against a potential blow-up of the global fiat money and debt bubble – regardless of its near to medium term price performance. 
Its performance is in any case only negative in USD terms – in no other currency can gold be deemed to be in a significant bear market. In fact, as we have recently pointed out, it is already making new all time highs in some fiat currencies.

I Tyler dicono che se guardi bene in realta' l'oro va bene .. se non alla grande: in un sacco di altre valute, anzi, in alcuni paesi e' ai massimi di sempre (controllare per credere)

Gold’s characteristic as a hedge/insurance against the consequences of policymaker machinations has recently gained additional importance in light of the fact that the echo bubble is clearly fraying at the edges already. 
Sooner or later there will be another full-blown crisis, at which point gold ownership will definitely be of great advantage

Prima o poi ci sara' un altra crisi bestiale e a quel punto avere oro sotto il proprio controllo sara' assolutamente un gran vantaggio 

It is often said that the only certainties in life are death and taxes, but that is not quite true. 
There is another apodictic certainty: all booms driven by credit expansion will eventually blow up.

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