Who Made the Most Buying Gold?

Gold has experienced a tremendous rally today, increasing in price in nearly every major currency. Yet, its rise has not been even across the board. Traders who purchased gold and participated in today's rise must have used a particular currency to do it. So which long gold/short currency pair was potentially the most profitable? During today's session, gold appreciated against major currencies in the following amount: Swiss franc: 0.29%; EU euro: 0.19%; Japanese Yen: 0.13%; Canadian dollar: 0.14%; U.S. dollar: 0.65%; Australian dollar: 0.31%; British pound: 0.15% Thus, traders who went long gold/short U.S. dollars may have made the most on the trade, as gold appreciated more than twice as much in dollars than in any other major currency. Even the New Zealand dollar, which depreciated against the dollar on Wednesday, did better than the U.S. dollar against gold. Gold rose 0.51% in New Zealand dollars. Traders looking to play continued strength in gold may wish to consider SPDR Gold Trust (NYSE:

). Traders believing that gold is over-bought at this point, might consider ProShares UltraShort Gold (NYSE:

). GLL attempts to return a value inversely corresponding to the strength in gold.