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Bullish Signal? Funds Gold Bets Are At 3-Year Low
Money managers cut their bullish bets on Comex gold futures and options in the week ended April 24 to the lowest level in more than three years, according to data released Friday by the Commodity Futures Trading Commission.
Managed funds slashed 2,225 long positions, or bets prices will rise, and added 2,450 short positions, or bets prices will fall.
This took their net position down 4% to 107,600 long contracts, from 112,275 long contracts. That’s the lowest in CFTC data since the week ended Jan. 20, 2009.
The net position is the difference between the number of long and short contracts held by traders in the category and shifts in the net positions are considered as indicators of change in sentiment.
The managed-fund net long position represents around 10.7 million troy ounces of gold.
In Comex silver futures and options, these traders added 248 long contracts and 2,883 short contracts. This reduced their net long position by 20% to 10,756 contracts, from 13,390 contracts the previous week.
The net silver position represents around 53.7 million troy ounces of silver.