Hedge Funds Dumped Gold As Year Waned

Jan 2 2014 | 11:45am ET

Hedge funds closed gold's worst year in decades by slashing their long positions in the precious metal and increasing their shorts to near-record levels.

Net-long bets on gold dropped 2.8% in the week ended Dec. 17, the Commodity Futures Trading Commission said. Short interest increased 1.2%, bringing it near July's record.

Gold has dropped to its lowest price in three years following its worst year in 32. The metal fell about 30% last year.

Gold wasn't the only commodity to have a tough 2013, but investors are at least bullish on the others, with net-long positions across 18 commodities rising 8.5% in the week to Dec. 17, to a nearly two-month high.

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