Gold is ripping.
It was trading around $1190 an ounce at 10 AM, but right now, it's racing higher, and just went positive for the day after being down substantially earlier – currently trading at levels around $1217, up 0.4%.
It's unclear what is driving the move, but the buyers appear to be rushing in at the moment. Check out the volume on the sub-graph below.
Gold has run into some heavy selling over the past few trading sessions. Yesterday, the shiny yellow metal dipped below $1200 for the first time since August 2010.
BofA Merrill Lynch Chief Investment Strategist Michael Hartnett notes that the $2.8 billion of investor redemptions from precious metals funds in the week ended June 26 marks the 20th straight week of outflows, totaling a staggering 21% of assets under management.
Hartnett calls it "humongous and capitulatory."
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