Gold had the biggest monthly gain in 3-years in January.
How it goes in January often set it for the year
The yellow metal was up 8.4% in the first month of the year.
Gold's gains so far this year have been driven primarily by heightened risk aversion, as growth and deflation risks prompted global central banks to adopt easier onetary policies. Those that didn't actually cut rates, launch or boost QE, were suddenly expressing more dovish biases.
The notable exception thus far has been the Fed. Many are still expecting the Fed to raise rates at some point this year. Expectations of timing have been pushed back and pulled forward based on U.S. economic data.
Last week's disappointing Q4 advance GDP report showed the economy is slowing faster than expected. Meanwhile, the PCE price index that the Fed watches is going the wrong way.
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Gold Rebounds on Greece Concerns, Slower U.S. Growth - by Grant Jan. 30, AM
Gold rebounded smartly on Friday, amid heightened concern over Greece. While the yellow metal still appears poised for a lower weekly close, most of Thursday's losses have been retraced.
The new Greek government had there first meeting with representatives from the EU today, and many were hopeful that some compromise could be reached.
Apparently the Greeks are digging in their heels.
Finance Minister Yanis Varoufakis said Greece would not seek to extend the bailout program when the current agreement expires at the end of February. “We don’t plan to cooperate with that committee,” Varoufakis said.
This sets up a showdown between the Tsipras government and the troika over bailout funds that have already been disbursed. The EU remains adamant the Greece abide by the terms of the agreement.
The flight to quality has had a positive influence on gold as well, driving the yellow metal back above 1270.00. Nearly half of the retreat off of last week"s high at 1307.59 has already been retraced and the trend since the beginning of the year remains positive.
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Hedge-fund bulls betting most on gold in two years: commodities - PUBLISHED: 3 HOURS 18 MINUTES AGO | UPDATE: 0 HOUR 29 MINUTES AGO
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