Ben Davies - Central Bank Buying Has Gold Shorts Trapped

Today Ben Davies told King World News that a new buyer has come into the gold market. This buyer is very large and it has trapped some of the shorts in the gold market. Davies, who is CEO of Hinde Capital, also spoke with KWN about short-term price targets. Here is what Davies had to say: "Fantastic action indeed and I think it's caught a lot of the participants in the market offside. When a market moves, as gold did, from structurally oversold and moves back quite quickly in the medium-term, particularly when a market is perceived to be in a bear phase, people are very keen to take to the short side of the market... A bigger player (and a new player) came into the market and it's a central bank. The fact is people don't get what's happening and that tells me the market is going higher."