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  Home > World Business


Hedge Funds Are Losing Faith in Precious Metals


Photographer: Simon Dawson/Bloomberg

 


 July 17th, 2017  |  09:33 AM  |   868 views

BLOOMBERG.COM

 

Gold is out of favor with money managers and it’s not the only precious metal facing investor exodus.

 

Hedge funds and other large speculators are hitting the exit as they brace for monetary tightening in the U.S. and Western Europe. Money managers are not waiting around for signs that the Federal Reserve may change its rate trajectory, as they turn bearish on precious metals. These charts show the trend in sentiment.

 

In the week ended July 11, the net-long position in gold fell to the lowest in 17 months, before the metal posted its first weekly gain in six weeks. The changes came just before government data showed consumer prices were little changed, fueling speculation the Fed may take longer to meet its goal, especially after Chair Janet Yellen said earlier in the week she sees uncertainty over inflation.

 

Silver is also losing its luster in the eyes of hedge funds. The position in gold’s cheaper cousin swung to a net-short from a net-long and is the most bearish since August 2015. Investors concerned by the prospect of higher interest rates exited in droves -- just as the metal capped its biggest weekly advance in six months on dovish U.S. economic data.

 

Money managers pushed their net-short position in platinum -- used to curb vehicle emissions -- to a record before data showed European car sales slowed in June as Brexit-related concerns weighed on a peaking vehicle market.

 


 

Source:
courtesy of BLOOMBERG

by Luzi-Ann Javier

 

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