Hedge Fund Gold Bulls Are Less Bullish Today
According to recent data from the Commodity Futures Trading Commission, hedge funds have become decreasingly bullish on gold in recent weeks.
Net holdings in futures and options tumbled 20 percent to 44,291 contracts in the week ended Nov. 19, the lowest since July 9, Bloomberg summarized today.
Short bets rose 16 percent to the highest since Aug. 6 and long wagers slid 2.5 percent, the data shows.
Additionally, net-bullish wagers across 18 U.S.- traded commodities fell 12 percent.
Gold fell 6.2 percent this month, heading for the worst slide since June, when the metal reached a 34-month low.
“With the Fed perhaps stepping back, it’s hard to make a case for inflationary behavior out there,” Jeffrey Sherman, a money manager at DoubleLine Capital LP tells Bloomberg. “People aren’t as worried about inflation, thus you’re not seeing people buying gold.”
Futures fell more than 3 percent last week, the biggest slide since Sept. 13th.
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