Gold Speculators Least Bullish on Record as Rate Rise Approaches

http://www.bloomberg.com/news/articles/2015-07-19/gold-speculators-least-bullish-on-record-as-rate-rise-approaches
Money managers are holding the smallest net-bullish bet on gold since the U.S. government data begins in 2006. They’re also dumping silver, platinum and palladium, and combined net-long wagers across the metals are the lowest ever. About $2.7 billion was erased from the value of exchange-traded products tracking the commodities last week, the most since March.

Money managers are holding the smallest net-bullish bet on gold since the U.S. government data begins in 2006. They’re also dumping silver, platinum and palladium, and combined net-long wagers across the metals are the lowest ever. About $2.7 billion was erased from the value of exchange-traded products tracking the commodities last week, the most since March.


“The Fed’s decision to restock the rate toolkit has got the gold market very nervous,” George Zivic, a New York-based portfolio manager at OppenheimerFunds Inc., which oversees $235 billion, said by phone. “We have already seen that gold did not perform as a safe-haven investment. There is not a single motivating reason to own gold.”