Gold's Wild Ride Leaves Best Forecasters Siding With Fund Bears
- Money managers holding record net-short position: CFTC data
- `Gold is an emotional commodity,' Cambiar's Barish says
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Janet Yellen sent gold prices on a roller-coaster ride. Now, hedge funds and the metal’s best forecasters are predicting there’s only one way prices are heading next: down.
The Federal Reserve Chair on Wednesday raised U.S. interest rates for the first time in almost a decade, sending bullion prices swinging and driving the metal’s 30-day volatility to a six-week high. While traders couldn’t decide on a direction for gold, Robin Bhar and Barnabas Gan, the most accurate forecasters, are convinced futures will keep falling in 2016. Money managers agree, raising their net-short position to the highest ever.