Is gold's short squeeze over as hedge funds reluctant to make major bullish bets? kitconews gold silver mining metals investing finance economics
Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions. Sign up here! However, some analysts also note that the latest data from the Commodity Futures Trading Commission shows that money managers are reluctant to make any significant bullish bets.
Gold's net length now stands at 40,734 contracts, more than doubling from the previous week. During the survey period, gold prices managed to push above $1,800 an ounce but were not able to break any major resistance levels. Commodity analysts at Société Générale noted that the jump in gold's bullish positioning shows that investors still see the precious metal as an important safe-haven asset.
The disaggregated report showed that money-managed speculative gross long positions in Comex silver futures dropped by 558 contracts to 32,469. At the same time, short positions fell by 2,871 contracts to 39,012. Recession fears can be seen in speculative positioning in other base metals, specifically copper, which has been unable to attract significant bullish attention.
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