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Hedge Funds Miss Out on Gold Gains as Bull Holdings Drop
Hedge funds reduced bullish gold wagers just before prices rallied the most since June on concern that global economic growth is weakening.
The net-long position in New York futures and options contracted for an eighth week, U.S. government data show. The International Monetary Fund cut its 2015 world growth forecast on Oct. 7. Minutes of the Federal Reserve’s last meeting showed policy makers saw slowing foreign expansion as a risk to the U.S., fueling bets that record-low borrowing costs will persist.
About $1.2 billion was added to the value of exchange-traded products backed by bullion last week, the most since June. The 30-day historical volatility for futures traded in New York climbed on Oct. 9 to the highest in more than a month amid renewed investor interest. Prices rose 10 percent in the first half of the year as tensions in Ukraine and the Middle East spurred demand for a haven asset.
“I don’t think we’re in a growth scenario where the Fed will be aggressively raising interest rates,” Ralph Aldis, a money manager at U.S. Global Investors, which oversees $1.1 billion, said in an Oct. 8 phone interview. “We’ve had no wage growth, and that’s probably some of the reason people are saying it doesn’t feel like we’re out of a recession yet. We’ll probably start to see some cracks here.”
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