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Massive bear positions in US futures, options help push gold down
The metal is now at a 2018 low of US$1,175 an ounce
Add BT as a preferred sourcePublished Sun, Aug 19, 2018 · 09:50 PM
London
MOST precious metals analysts say that the strong US dollar has pushed gold down to a 2018 low of US$1,175 an ounce. Another key reason, however, has been a massive increase in bearish positions on derivative exchanges.
Latest figures by the Commodity Futures Trading Commission (CFTC) on Aug 8 show that net gold shorts - bear positions in futures and options on US derivatives exchanges - totalled a record 109,402 contracts.
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