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Alternative Market Briefing

Gold positions by the hedge funds lowest since 2002

Wednesday, July 17, 2013

Bailey McCann, Opalesque New York:

Speculative shorts in Gold (non-reportable on a contract basis) are their largest ever, according to new data from Bank of America Global Research. Positioning in gold is at the lowest since 2002, reflecting a trend that has been going since the end of June. Gold broke through the psychological low of 1200 earlier in July. Gold remains in a contrarian buy zone.

"Indeed, the closing break of 1270 points to a near term base and positioning led squeeze higher, which is also confirmed by the extreme readings in the weekly ADX (the indicator has reached levels that have consistently coincided with previous turns in trend). Upside targets are seen to $1320/$1360 and potentially as far as 1452/53," the report says of the trend.

Funds have also sold corn to a net short for the first time since 2005. 10-year treasuries have been solt to a net short for the first time since May.

The Investable Hedge Fund Composite Index was up 0.67% for the month as of July 10, underperforming the S&P 500 index’s price return of 2.88% for the same period. In terms of strategies, Equity Long Short and Event Driven performed the best, up 1.39% and 1.21%, respectively. Equity Market Neutral performed the worst, falling 0.40%.

In terms of positions, Market Neutral funds reduced market exposure to 12% net long from 14% net long. Equity Long/Short kept market exposure steady at 37% net long; in line with the 35-40% benchmark level. Macro funds reduce......................

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