Gold Traders Most Bearish in Three Years After Drop
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Gold traders are the most bearish in three years after investors sold a record amount of metal held in exchange-traded products and prices tumbled in a bear market.
Twenty analysts surveyed by Bloomberg expect bullion to drop next week, with nine bullish and four neutral, the biggest proportion of bears since February 2010. Investors sold 174 metric tons through ETPs last month, and $17.9 billion of value was wiped out, data compiled by Bloomberg show. Hedge funds accumulated their second-biggest bet against gold on record, according to U.S. Commodity Futures Trading Commission data.