CFTC says hedge funds cut net longs in Gold by 40% last week
Speculative investors cut net longs in gold by 27,932 lots to 42,318 in the week to Feb. 19, the CFTC's Commitment of Traders report said.
U.S. Commodity Futures Trading Commission said hedge funds and money managers cut their net long gold futures and options positions by 40 percent to their weakest level since November 2008, as an US equities rally amid a better economic outlook hit gold's safe-haven appeal.
Managed money also sharply reduced their net longs, essentially bullish bets, on silver and copper as the group flocked into the US stock market.
The S&P 500 index was up 6 percent this year despite this week's losses, hovering near a five-year high. Speculative investors cut net longs in gold by 27,932 lots to 42,318 in the week to Feb. 19, the CFTC's Commitment of Traders report said.
During the period covered by the CFTC report, gold prices fell 3 percent on worries the Federal Reserve might end its stimulus program earlier than expected. Better hopes of economic recovery also weighed heavily on gold's traditional status as a safe haven.
Traders now look forward to next week CFTC data, which will show if managed money further trim their positions after a 2.5 percent drop in gold prices on Wednesday.
Specs also trimmed net length in silver by 8,806 contracts to 16,867, the lowest since August 2012. They also decreased copper length by 11,685 contracts to 11,413 in the latest reporting week.
In platinum group metals, spec's net length in platinum and palladium futures and options were largely unchanged.
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