Reuters: Regulatory News: UPDATE 1-Specs raise gold, silver longs, trim copper shorts

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UPDATE 1-Specs raise gold, silver longs, trim copper shorts Jun 22nd 2012, 20:22 Fri Jun 22, 2012 4:22pm EDT June 22 (Reuters) - Money managers extended their net long position in gold for a fourth consecutive week as signs of a worsening euro zone debt crisis and global economic slowdown boosted buying of the safe-haven metal. Managed money longs boosted their net longs in gold by 4,962 to 104,646 lots in the week up to June 19, the highest level since the first week of May, according to data from the Commodity Futures Trading Commission. "In light of the significant market move on Thursday, investors should focus on next week's CFTC report which will include market activity after the Fed meeting," said Frank McGhee, head precious metals trader of Integrated Brokerage Services LLC. Gold rebounded on Friday after the last session's selloff, but the precious metal was virtually flat for the year to date and posted a weekly drop of nearly 4 percent on deflation worries and a lack of aggressive Federal Reserve stimulus. The group also added to their net longs in silver by 178 to 7,490 contracts. Meanwhile, speculators trimmed their net short position in copper by 1,449 to 11,897 contracts, the first decline in four weeks. However, copper futures hovered near their largest net short holding since March 2009, as lingering worries of a global economic slowdown hurt near-term demand for the industrial metal. Link this Share this Digg this Email Reprints

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