According to the CFTC, gold speculators have cut
their combined futures and options net-long positions by 40 percent to 42,318
contracts in the week ending Feb. 19, approaching the low reached in September
2008. Gold-backed ETP holdings also fell
to a five-month low on Feb. 25 to 2,536.289 metric tons while large investors
such as George Soros and Louis Bacon cut their gold holdings in the last
quarter. Add to this the bearish
forecast on gold by Goldman Sachs – whose pronouncements on gold have tended to
be accurate – and investors were given yet another reason to fear lower prices
ahead for the yellow metal.
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