Gold Net Speculative Positioning in 2015
Gold Net Speculative Positioning opened 2015 at 122,178 and closed at 19,102, a -84.37% move for the year. The high of 188,925 was reached on January 27, and the low of 9,750 on December 1.
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Jan | 122,178 | 188,925 | 188,925 | 122,178 | +54.63% |
| Feb | 185,015 | 126,171 | 185,015 | 126,171 | -31.80% |
| Mar | 115,820 | 80,019 | 115,820 | 53,093 | -30.91% |
| Apr | 100,757 | 101,257 | 101,257 | 98,397 | +0.50% |
| May | 72,440 | 104,694 | 122,621 | 72,440 | +44.53% |
| Jun | 104,410 | 67,155 | 104,410 | 67,155 | -35.68% |
| Jul | 50,448 | 24,465 | 50,448 | 24,465 | -51.50% |
| Aug | 29,900 | 70,733 | 70,733 | 29,900 | +136.57% |
| Sep | 72,685 | 76,645 | 76,645 | 39,547 | +5.45% |
| Oct | 86,819 | 157,434 | 157,434 | 86,819 | +81.34% |
| Nov | 116,342 | 16,302 | 116,342 | 16,302 | -85.99% |
| Dec | 9,750 | 19,102 | 26,427 | 9,750 | +95.92% |
Events During 2015
The PBoC devalued the yuan by 1.9% in a single day on August 11, 2015, the first meaningful devaluation since 1994. Global risk assets convulsed.
Brent crude fell from $115 in June 2014 to $27 in January 2016, a 77% collapse. Shale oversupply and OPEC's refusal to cut production broke the commodity supercycle that had dominated markets since 2003.
The Swiss National Bank abandoned its 1.20 EUR/CHF floor on January 15, 2015. The franc immediately surged 30%, blowing up retail FX brokers and exposing the fragility of exchange rate commitments.
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