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Gold gains set to reverse as hedge funds cut bets on rally

Posted on 22 July 2014

Money managers trim net-long positions as gold price rally snaps, but investors are still adding to holdings through ETPs backed by metal. Hedge funds cut bets on a gold rally for the first time in six weeks as prices snapped the longest stretch of gains since August 2011.
Money managers trimmed their net-long position by 8.5 per cent in the week to July 15, US government data showed. Prices dropped 2 per cent last week, the first loss since May and helping to erase US$1.38 billion from the value of exchange-traded products (ETPs) backed by the metal………………………………………..Full Article: Source


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