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Alternative Market Briefing

Hedge funds reduce long gold position on fresh North Korea nuke threat

Monday, October 09, 2017

Komfie Manalo, Opalesque Asia:

Hedge funds and money managers have downgraded their net long positions in COMEX gold and silver contracts for the third straight week, following fresh fears North Korea would detonate a hydrogen bomb on October 10 to celebrate the founding of the Worker's Party of Korea - Kim Jong Un's ruling regime, data from the Commodity Futures Trading Commission (CFTC) showed.

Early on Monday, gold prices shot up, reversing two months of low prices, as investors look to the yellow metal for safe haven in case tension in the Korean peninsula further escalates, said Reuters.

In Washington, U.S. Generals and CIA officials anticipate Kim's next move as they believe that the "unstable" leader would detonate another nuclear bomb or launch another missile on Tuesday to mark the celebration of the Worker's Party.

The rouge regime has a long tradition of testing missiles and launching weapons during national celebrations.

In the UK, London's armed forces are reported to have drawn up its battle plan in case World War 3 breaks out as a result of the tension in the Korean Peninsula.

The Daily Star said that Britain is reportedly ......................

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