Commodities
Gold Futures Price Turns Higher Amid Declining Yields and Oil Prices
The price of Gold Futures (DEC6) turned higher after yields and oil prices declined. According to data, the price trended between $4,245 and $4,382 during the session. The morning target of $4,340 was exceeded, but sellers took control later in the day.
A bullish options bet worth $46.6 million has been placed, targeting a potential upside of 27%. This bet is based on the assumption that further Fed tightening will be limited, long-term yields will stabilize, and gold ETF inflows will continue.
Bloomberg Senior ETF Analyst Eric Balchunas predicts that Bitcoin ETFs will ultimately triple gold in assets. He believes this will happen as younger investors grow up with Bitcoin as their store of value.