Money Managers Cut Gold Bets as ETF Holdings Soar to 3-Year High
- Bullish gold bets shrank in past two weeks by most in a decade
- ETF holders pour $605 million in precious metals in past week
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There’s a tussle in the gold market between money managers and exchange-traded fund investors.
Money managers and other large speculators are bailing as the rally that took futures to its best first half in almost four decades falters. They cut net-long positions the past two weeks by the most in data going back a decade. Investors in ETFs are taking the long view, pouring $605 million over the past week into funds backed by precious metals and helping keep holdings in gold ETFs tracked by Bloomberg at the highest since 2013.