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Alternative Market Briefing

Hedge funds are bullish in gold and crude oil

Monday, February 24, 2014

Komfie Manalo, Opalesque Asia:

Hedge funds are bullish on gold and crude oil and poured huge money into the yellow metal and so-called "black gold", triggering the highest wager since 2011, data from the U.S. Commodities Futures Trading Commission (CFTC) showed.

According to the International Business Times, gasoline, natural gas and soybeans also generated interest from hedge funds and commodity speculators. Hedge funds and speculators wagered net-long or bullish money across 22 U.S. commodity markets amounting to $119.5bn in the week ending February 18, from $102bn during the week to 11 February.

Gold accounted for $2.9bn or 21% of the weekly bullish position in commodities. U.S. gold futures jumped to $1,332.40 per troy ounce in the week ending February 18 after a lower-than-expected economic data from the U.S.

U.S. crude rose by $2.6bn in total net-long money, or 20% of the total rise in weekly net longs of managed money. U.S. crude on the NYMEX jumped to $103.25 per barrel on 18 February. Gasoline also gained and rose by $1.8bn in managed net longs, while natural gas and soybeans generated $1.4bn and $1.3bn increases in managed net longs.

In a separate report, Mining.com said silver also enjoyed a 14.5% increase so far this year that exc......................

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