Gold put in a pretty good performance. When the dollar has been strong, commodity prices have been weaker, and when the dollar has weakened there has been a rebound. |
The fact that we made a new high for the month in gold brought some new fund buying and short covering into market. |
The market today was responding to the outlook with the increasing possibility we will see an interest-rate cut. And the day's recovery is reflecting the rebound in stocks. |
The reason they're jumping on board is because of the attractive returns that the commodity markets have seen over the last 2 or 3 years. If you go into a more sideways pattern those returns get a lot less attractive. |
To a large extent where the markets go is predicated on the positions by funds in the markets. |
We've had a pretty sharp move higher and we've had another big increase in speculative length. |