ETF Securities: Gold Hits Record Highs: Futures Positioning Still Below 1-Year Avg

Gold not only topped $1,600 for the first time ever but has set record highs against other currencies, including the euro and British pound, analysts with ETF Securities point out. “U.S. and EU government officials continue to struggle to find solutions to their respective sovereign debt-problems, driving investors into perceived safe havens,” ETF Securities says. Analysts say that futures positioning by speculators, who are heavily long, rose 29% in the last reporting week but nevertheless remains slightly below the one-year average.