Markets: Big golden gamblers

Hedge funds are gambling on a rise in the gold price. But think twice before joining in... even those who are mining the metal are sceptical.

So hedge funds are bullish on gold. Speculators have increased their net-long position by 4.1 per cent to 35,691 futures and options, Bloomberg News reports, citing US Commodity Futures Trading Commission data from July 9. Anyone wanting to jump on the gold bull bandwagon better think again. Those exploring and mining the stuff aren’t looking for any significant increase in gold prices. In fact they are battening down the hatches, trying to eke out as much efficiency in their operations as possible, convinced the gold price will be little changed from current levels for the next 24 months.

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