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24 Mar 2025

Gold: Prices continue to hold north of $3000 – TDS

Macro funds played a role in last week's melt-up in Gold prices, TDS' Senior Commodity Strategist Daniel Ghali notes.

Recent liquidations are likely related to constrained risk-budgets

"Our advanced positioning analytics corroborates our view that macro funds played a role in last week's melt-up in Gold prices, suggesting that recent liquidations likely related to constrained risk-budgets, as opposed to a directional view on Gold."

"Considering this cohort's net position still remains at levels broadly consistent with early-2024, and that prices continue to hold north of $3000/oz, we think their repleted warchest will chase the run higher in prices, fueling more FOMO into the yellow metal. It's still 'heads I win, tails you lose', but it's the other side of the coin that is now screaming FOMO."

Mar 24, 2025

United States S&P Global Composite PMI climbed from previous 51.6 to 53.5 in March

United States S&P Global Composite PMI climbed from previous 51.6 to 53.5 in March
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Mar 24, 2025

US S&P Global Manufacturing PMI drops to 49.8 in March, Services PMI improves to 54.3

The economic activity in the US' private sector expanded at an accelerating pace in March, with the S&P Global Composite PMI rising to 53.5 (preliminary) from 51.6 in February.
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