Gold Traders Call Top After Best Start to Year Since 1980: Chart

Is It Time to Start Shorting Gold?

Gold traders and analysts were bearish for the first time in seven weeks, a Bloomberg survey showed, with seven bulls outnumbered by 10 bears, and four sitting on the fence. That’s a shift from last week when there were 16 bulls, four bears and one neutral. Gold rose 14 percent this year to $1,207 an ounce by Thursday, the best start to a year since 1980. “I’m bearish for the moment, I think prices may test $1,150 as too many got too bullish too soon,” said Andy Pfaff, chief investment officer for commodities at MitonOptimal Group.

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