In its latest commodities note, Macquarie reports that central banks bought only a small amount of gold in July, and macro-economic factors suggest full-year purchases will lag last year significantly. The bank also notes that gold and silver were the best performing metals on Tuesday, as geopolitical tension and the oil price rose on speculation of military action. In terms of copper, the latest CFTC positioning report shows that speculators are the least short they have been since February.
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