Reuters: Regulatory News: UPDATE 1-Speculators cut gold length to lowest since 2008-CFTC

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UPDATE 1-Speculators cut gold length to lowest since 2008-CFTC May 11th 2012, 20:14 Fri May 11, 2012 4:14pm EDT * Speculators slash gold length by 20 pct * Specs also trim silver, copper longs * May 11 (Reuters) - Money managers in gold futures and options slashed their net long positions by 20 percent to the lowest level since December 2008, as investors aggressively unwound their bullish bets in the precious metal after a sharp price pullback. Speculators trimmed their length in gold by 23,563 contracts to 92,498 contracts in the week ended May 8, which marked the lowest net long position since Dec. 16, 2008, data from the Commodity Futures Trading Commission (CFTC) showed on Friday. The price of COMEX June gold futures had lost almost 4 percent during the period covered by the report. Political uncertainty in Greece and a change of leadership in France this week had investors doubting whether Europe would come through with the billions of euros needed to bail out its troubled economies. Spanish bank worries also triggered gold selling. "This is what you have fully expected with the buildup of bullish futures positions prior to this week," said Bill O'Neill, partner of commodities wealth manager LOGIC Advisors. "The market needs to see some decent trade buying, and speculative fervor. Both of them are lacking in gold right now," he said. Speculators also decreased their net length in silver, slashing 3,406 contracts to 7,159 contracts, the lowest level for the year. The group reduced their copper length by 126 contracts to 15,456 contracts.. Link this Share this Digg this Email Reprints

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