Who in the Gold Market Actually Needs the Metal?
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Gold bugs like John Paulson and George Soros have lost a lot of money since gold peaked at $1,920 two years ago. Losses have forced them to cut positions, which helps explain the 38 percent decline from a year ago in purchases by speculative traders. This is shown in the so-called non-commercial long positions per CFTC data for the week ended Sept. 17.