Gold Bulls Cut Wagers as Goldman Sees More Losses

Be prepared for the next great transfer of wealth. Buy physical silver and storable food.

truthingold.com / By truthing / September 16, 2013 at 08:08

Gold resumed its retreat, heading for the first annual loss in 13 years, after coming within 3 percentage points of a bull market Aug. 27 on the threat of military strikes on Syria.

Speculators got less bullish on gold, selling long contracts at the fastest pace this year as prices fell the most in almost three months on prospects for less central-bank stimulus. Goldman Sachs Group Inc. said the retreat has further to go.

The net-long position held by hedge funds and other large speculators fell 16 percent to 84,929 futures and options in the week ended Sept. 10, U.S. Commodity Futures Trading Commission data show. Long holdings dropped 10 percent, the most since December, and short bets increased 9.8 percent. The net-bullish position across 18 U.S.-traded commodities slid 4.1 percent, with investors adding to bearish wagers on wheat and corn.

Gold resumed its retreat, heading for the first annual loss in 13 years, after coming within 3 percentage points of a bull market on the threat of military strikes on Syria. The U.S. and Russia agreed Sept. 14 on a plan for Syria to surrender its chemical weapons. Speculation Federal Reserve Vice Chairman Janet Yellen will become the next head of the central bank after former Treasury Secretary Lawrence Summers withdrew his name may support gold this week before a Fed meeting that economists expect will curb stimulus.

READ MORE

Thanks to BrotherJohnF