In yesterday morning's blurb on gold we began with:
While the price action in gold has confirmed (as we've hinted) our near-term (bearish) sentiment on its prospects, others (the majority I suspect) clearly see it differently.And ended with:
Again, if we're right on the present economic setup, we may see a reversal in sentiment, and a continued slide in the price, in the coming weeks.Here's a newsflash from yesterday afternoon:
Hedge Fund Managers Cut Net Bullish Gold BetsWhile their positioning is still net long (bullish), it looks like some hedge funds may be sharing our near-term sentiment.
(Bloomberg) -- Money managers have cut their bullish gold bets by 37,919 net-long positions to 204,731, weekly CFTC data on futures and options show.
- The net-long position was the least bullish
- Long- only positions fell 30,414 lots to 227,673 in the week ending Sep. 26
- The long-only total was the lowest
- Short- only positions rose 7,505 lots to 22,942
- The short-only total was the highest