gold futures
Commodity prices fallPosted by RJ and Makay on May 16, 2012 |
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Bullish bets on commodities by hedge funds and other managers fell by 20%, or $18 billion, last week as commodity prices dropped to four-month lows, according to Commodity Futures Trading Commission (CFTC) data last Friday. As speculators continued liquidation of long positions in oil, metals and agricultural markets, the CFTC is expected to report a further drop in long commodity positions in its May 18 report, analysts said.
Gold futures reached a new record yesterday, topping $1800 for the first time. Gold is seen as a haven from stock market volatility and currency debasement amid escalating U.S. and European debt woes. The MSCI World Index of shares neared the lowest level since last September as shares tumbled in world markets this past week. Through Wednesday, gold rose 8%, the biggest three-day rally since November 2008.
