- Good physical demand from places like China and Asia and places with no convertible currency.
- A decent bearish sentiment about gold with high profile analysts calling for much lower gold prices. Open interest in gold dropped dramatically.
- Ukrainian geopolitical tension, problems in China with talk of bankruptcy. Gold is fungible and can be traded in different currencies.
"Commodities play a role in everybody’s lives and have an impact on almost every investment," said Hecht. "If you’re investing in an airline you’re greatly impacted by the price of jet fuel, which is tied to oil. Stocks, bonds, ETFs are impacted by commodities."