Speculators
cut bullish and bearish bets on gold simultaneously for the first time in two
months as prices advanced to the highest since mid-June on signs of
strengthening physical demand.
The
net-bullish position rose 18 percent to 56,604 futures and options by Aug. 13,
as the 17 percent contraction in short bets exceeded the 3 percent drop in long
wagers, U.S. Commodity Futures Trading Commission data show. Net-long holdings
across 18 U.S.-traded commodities expanded 23 percent as the position in silver
more than doubled and investors turned positive on copper for the first time
since February.
Gold
tumbled a record 23 percent last quarter as some investors lost faith in the
metal as a store of value. The rout spurred losses for billionaire John
Paulson, who joined George Soros in selling bullion holdings in three months
ended June 30, government filings showed last week. Lower prices spurred demand
in India and China, the top buyers, driving global coin and bar purchases to
record in the second quarter and jewelry purchases to the highest since 2008,
the World Gold Council said Aug. 15.
(Source: Bloomberg)
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