Gold fever fading as US$4b erased from funds

Chicago

JUDGING by the barometer of hedge-fund interest, there's less to get excited about in gold these days.

Even as Greece battled with its creditors to avoid default and keep the eurozone intact, speculators retreated from the metal used as a haven from economic and political upheaval. Money managers cut their net-long wagers by the most in 15 weeks, US government data show.

The strengthening dollar and record valuations for global equities are diminishing bullion's appeal as a store of wealth.

As the combined market capitalisation of stock…