From Bloomberg: Hedge funds increased bets on lower gold prices after
investors pulled a record $20.8 billion from bullion funds this year while
BlackRock, the world’s biggest money manager, said it’s still bullish.
Speculators held 67,374 so-called short contracts on May 7,
6.4 percent more than a week earlier, U.S. Commodity Futures Trading Commission
data show. The net-long position dropped 10 percent to 49,260 futures and
options. Net-bullish wagers across 18 U.S.-traded raw materials climbed 5.8
percent to 582,265, with gains for cocoa, cotton and hogs.
Gold is having its worst start to a year since 1982 after
dropping 14 percent and sliding into a bear market in April. Holdings in
exchange-traded funds backed by bullion tumbled to the lowest since July 2011
even as central banks print money on an unprecedented scale to boost growth
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