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Alternative Market Briefing

Hedge funds buying gold again

Tuesday, August 09, 2016

Komfie Manalo, Opalesque Asia:

Hedge funds are again buying gold after staying away from the yellow metal for three weeks, according to data from the Commodity Futures Trading Commission (CFTC). The disaggregated Commitments of Trader report as of end Aug. 2, showed that hedge fund managers raised their speculative gross long positions in Comex gold futures contracts to 288,542, on an increase by 9,765.

The CFTC figures showed that the gold market is net long by 254,729 contracts, reported Metal.com.

Commodity analysts at Citigroup commented, "After taking a breather through much of July, gold’s impressive ascent this year was reinvigorated by the Fed and [Bank of Japan] late last month and prices had generally remained on that upward trajectory through the first week of August… On the back of this wave of recent positive central bank news, funds built length in gold in the COT reporting period ending Aug 2."

For three consecutive weeks in July, hedge funds cut their overall exposure in gold and instead continued to jump into the silver market, CFTC reported.

As of July 26, the disaggregated Commitments of Trader report showed money managers decreased their speculative gross long positions in Comex......................

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