Legal News

Hedge Funds Lowered Bullish Bets on Gold
Download PDF
1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...

For a fourth week, Bloomberg News has reported that hedge funds have lowered bullish bets on gold in the longest streak this year. The net position in gold slid 13 percent to 87,689 futures and options in the week ended Nov. 5, U.S. Commodity Futures Trading Commission data show. Short bets jumped 37 percent, the most since Oct. 15, and long wagers fell 4.9 percent. Combined holdings across 18 U.S.-traded commodities dropped 20 percent to 658,263 contracts as investors cut cotton positions to the lowest this year and crude-oil bets to the fewest since June and gold has tumbled 24 percent this year, heading for the biggest drop since 1981.

Ed Morse of Citigroup Inc. said in an April 14 report that, Commodity prices have become again negatively correlated to equities, and investors should take “seriously” the role of raw materials as a diversifier for portfolios. Investors have more than doubled bets on lower prices in the past month.

  
What
Where


A strategist at Standard Life in Edinburgh, which oversees $294 billion of assets, Frances Hudson, said that according to Bloomberg News, I see demand for gold remaining non-enthusiastic. Things are looking better in the U.S. and Europe. It’s not that both these economies are racing ahead, but they are gradually improving.” Hudson also reported that, “It is very difficult for gold to sustain the panic that makes it a good safe-haven trade.”

According to Global Market Financial review,  Barclays Plc and Credit Suisse AG are predicting lower commodity prices as supplies increase. There are signs, according to Bloomberg News,  of accelerating U.S. economic growth.

A Kansas City-based national consultant for U.S. Bank Wealth Management, which oversees about $115 billion, Dan Heckman, said according to Bloomberg News that, “Besides drought conditions it’s also being helped by changes in lifestyle and in demographics. Some of the commodities have strong fundamentals backing them, but gold is not our favorite place.”

Get JD Journal in Your Mail

Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!!




Image Credit: www.globalmacrodigest.com





 

RELEVANT JOBS

Trademark Paralegal

USA-FL-Miami

MAVEN IP is looking for a detail-oriented full-time paralegal assistant with experience and kno...

Apply now

Associate Attorney

USA-NJ-Middletown

Plaintiff\'s Associate Attorney with a minimun 2 or more  years experience in New Jersey Person...

Apply now

Litigation Paralegal

USA-PA-Wexford

Myers Law Group, LLC is in search of a paralegal with at least 1-2 years of experience in the area o...

Apply now

Remote Attorney Placement Professional

USA-TX-Dallas

We are currently seeking a legal recruiter to join our Dallas office. The ideal candidate will be pe...

Apply now

BCG FEATURED JOB

Locations:

Keyword:



Search Now

Environmental And Land Use Associate Attorney

USA-NY-New York City

New York City office of a BCG Attorney Search top ranked law firm seeks Environmental and Land Use A...

Apply Now

Litigation Associate Attorney

USA-UT-Saint George

St. George office of our client seeks Litigation Associate Attorney with 1 year of experience. The c...

Apply Now

Partner-level Associate Attorney

USA-NY-New York City

New York City office of our client seeks Partner-level Associate Attorney with 18 years of litigatio...

Apply Now

Most Popular

SEARCH IN ARCHIVE

To Top