Via Bloomberg:
- Hedge funds exited gold at the fastest pace in more than four months on mounting speculation the Federal Reserve is getting closer to raising U.S. interest rates
- Money managers cut their net-long wagers for a sixth week
- Investors sold 18.9 metric tons of bullion held through exchange-traded products last week, the biggest reduction since November
"The only thing you look at right now is if the Fed would say they're no longer patient and ready to raise rates, then that would drive gold down," Quincy Krosby, a market strategist at Prudential Financial Inc. in Newark, New Jersey, said by phone. "If you think the economy's continuing to gain traction and momentum, that's a net-negative for gold, because it does push the dollar higher."
The net-long position in gold declined by 26 percent to 64,925 futures and options in the week ended March 10, according to U.S. Commodity Futures Trading Commission data published three days later. Long holdings dropped for a sixth week, the longest stretch since 2010.
(ps. Greg had Commitment of traders report for the week ending March 10, 2015, here)
