(Kitco News) – Hedge funds are starting to recognize the value of holding some gold and silver as money managers increase their bullish bets, according to the latest trade data from the Commodity Futures Trading Commission.
The CFTC’s disaggregated Commitments of Traders report for the week ending August 20 showed that money managers decreased their speculative gross long positions in Comex gold futures by 18,298 contracts to 222,142. At the same time, short positions rose by 2,908 contracts to 28,837.
Gold’s net length now stands at 193,305 contracts. The bullish speculative position has risen to its highest level since early March 2020 when the Federal Reserve, in an emergency meeting, cut interest rates by 50 basis points as the global economy was experiencing the early effects of the COVID-19 pandemic.
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