Hedge Funds Take Most Bullish View of Gold in 14 Months
Hedge funds raised bullish gold bets to the highest level in more than 14 months, amid mounting concern that the U.S. economic recovery is slowing. The net-long position climbed 25 percent to 113,911 futures and options in the week ended Feb. 25, the highest mark since December 2012, based on U.S. Commodity Futures Trading Commission data. Net-bullish holdings across 18 U.S.-traded commodities advanced 16 percent to 1.45 million contracts, the most since April 2011. Coffee wagers reached a 33-month high. Investors’ return to gold after the bear market in 2013 drove prices for the precious metal 6.6 percent higher last month to mark the biggest jump since July. Gold reached a four-month high on Monday.