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Gold bears take over as Fed members back taper plan: Commodities

Posted on 23 August 2013

Gold traders are the most bearish in nine weeks after Federal Reserve policy makers backed plans to taper stimulus if the economy strengthens, eclipsing a surge in demand for physical metal that drove prices to a two-month high.
Twelve analysts surveyed by Bloomberg expect prices to fall next week, eight were bullish and two neutral. That’s the highest proportion of bears since June 21, a week before prices reached a 34-month low. Gold is heading for back-to-back monthly gains for the first time since September after speculators cut bearish bets by 27 percent from a record in July………………………………………..Full Article: Source


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