31.07.2012 - Speculative gold, silver bets near four-year low
Speculative traders’ bets on gold and silver fell to the lowest level since December 2008 last week, according to Friday’s Commodity Futures Trading Commission data. Managed money funds and hedge funds’ net long gold positions fell 23% for the week ending July 24. QE-3, hooey? No. This reading pre-dates European Central Bank chief Mario Draghi’s July 26th pledge. “Within our mandate, the ECB is ready to do whatever it takes to preserve the euro. And believe me, it will be enough,” Draghi was quoted as saying. The comments helped spur a 3.6% two-day rally in the S&P 500 and gold futures’ strongest week in a month...............................................Full Article: Source
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