Wednesday, May 11, 2016

Long Gold in US Dollar terms

Given the recent sharp weakness in the Japanese Yen and the recent modest weakness in the EUR, taking both to levels we thought likely to find support, we moved to reduce our long positions in EUR/gold and Yen/gold modestly, replacing those positions with US dollar denominated gold instead, ending the day evenly split between the three “types” of gold but keeping our over-all gold position intact.