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Komfie Manalo, Opalesque Asia:

New York-based Arcanum Capital Management LLC said precious metals, particularly gold and silver dragged down earnings for its Arcanum Multi-Strategy Fund in May as the hedge fund sustained -0.39% (+0.44% YTD) losses during the month while the HFRX Global Hedge Fund Index gained 0.45%.

"The fund gained on European and Asian equities, REITs and volatility while it lost on U.S. equities, gold, silver and gold miners. Most of the gains this month came from volatility while most of the losses came from U.S. equities," Arcanum said in its monthly report to investors.

Gold lost 3.05%, silver dropped 2.06% and the gold miners lost 6.58% for the month. REITs had a positive month with U.S. REITs gaining 2.40% and international REITs was up 4.67%.

However, the yellow metal gained some grounds in the first half of June as hedge funds and money managers increased their bullish bets in gold futures and options in the week to June 17 as bullion prices climbed, according to data from the Commodity Futures Trading Commission.

The group, also known as managed money, cut their bullish bets to switch the copper market to a net s......................

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