08.09.2014 - Gold Bulls Retreat as $1.6 Billion Erased From ETPs: Commodities
Money managers trimmed bullish gold wagers for a third week, mirroring the retreat in prices that helped erase $1.6 billion from the value of bullion funds. The net-long position in futures and options is at its lowest in 11 weeks after speculators added the most short bets in three months, U.S. government data show. Investors sold 13.1 metric tons of gold held through exchange-traded products last week, the most since April, as prices fell 1.6 percent. Open interest in New York futures and options is near its lowest in five years as gains in the U.S. economy, dollar and equities curb investor demand. Prices dropped last week after Ukraine’s government agreed on a cease-fire with pro-Russian separatists and the dollar appreciated to its highest in more than a year against the euro as the European Central Bank cut interest rates...............................................Full Article: Source
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