Hedge funds favor gold
From Forbes.com: Despite the record highs in gold prices, hedge fund managers still like the precious metal in the intermediate term. Outside of the precious metals, high-yield corporate and local currency emerging market debt are another trade favorite that has legs even if the equity markets turn positive.
“I’m going to continue buying silver and gold either through the exchange traded funds, the futures market, or through mining companies,” says Joel Smolen, fund manager at Axion Capital in San Rafael… Full article: Source
Investors cut bullish commodity bets in 'panic' on economy
From Bloomberg/SFgate.com: Funds trimmed bets on rising commodity prices for the first time in four weeks amid mounting concern that the global economy is faltering.
Speculators cut their net-long positions in 18 commodities by 3.6 percent to 1.23 million futures and options contracts in the week ended Aug. 2, government data compiled by Bloomberg show. Bullish gold holdings climbed to the highest since at least June 2006 amid surging demand for an investment haven… Full article: Source
Oil drops to near eight-month low after S&P cuts U.S. rating......................
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